IT highest-paying sector in India, manufacturing least

New Delhi: Information Technology sector employees get the highest pay in India with a median gross hourly salary of Rs 346.42, while those in the manufacturing sector get paid the least at Rs 254.04, says a report.

According to Monster Salary Index (MSI), the IT sector is the highest paying sector in India, but only 57.4 per cent are satisfied with their salary.

it-sector

BFSI sector comes in second with a median salary of Rs 300.23. The relatively higher remuneration reflects the high level education of workers with 16-17 years of schooling, the report noted.

“The IT and BFSI sectors have always been among the highly paid in India but it is surprising that over 50 per cent of employees in both these sectors are least satisfied with their salaries,” Sanjay Modi, Managing Director of Monster.com India said.

Notwithstanding, the government’s focus towards the sector through its Make in India initiative, manufacturing sector is paid the least, as employees in this segment are paid about 9 per cent lesser than the median salary for the entire Indian economy taken together at Rs 279.7.

The findings of the manufacturing sector show that irrespective of the education levels, the salaries are still very low, even for a Master’s degree holder, the median hourly salary stands at Rs 260.8, the report noted.

Additionally, foreign owned manufacturing companies pay nearly double of what Indian manufacturing firms pay their workers.

“Manufacturing must take off in a big way, if India needs to grow exponentially and transform itself into an industrial economy. The findings of MSI prove that immediate measures are required to rectify the salary standards, especially since this sector is highly people intensive,” Modi added.

The report further noted, in the BFSI space, small companies pay an hourly salary of Rs 197.95/hr while large firms pay an hourly average salary of Rs 324.51/hr and bonuses are more common in the IT sector than BFSI and manufacturing.

“In a scenario where salary becomes one of the key factors to attract and retain employees, it is important for companies to very closely analyse the correlation between salaries and employee satisfaction,” Modi added.

1 Comment

  1. Dear readers,

    Another setback for PM Modi ‘startup India’ who hailed Brain drain is actually brain gain in Silicon Valley.

    There were days when relatively less educated people would invest small amounts from their family’s saving to start their business. The only motive was profit with the age-old equation of revenue vs cost and due consideration of the risks involved. However, this open tap of funding sometimes blinds entrepreneurs from evaluating scenarios before taking the plunge.

    Like several other schemes that Modi has announced, Start Up India may, on the short-term, make the upper middle classes and the techno-savvy India, stand up, take notice and renew their faith in Modi, but it will do little for his middle-term objective of generating jobs and driving growth, which alone can deliver to him another tenure when elections are held either in 2019 or earlier.

    We have all grown up with Make in India ‘Hamara Bajaj’ tilting to the side for every kickstart even in Rajasthan’s 50deg or ladakh freezing cold. Our PM accustomed to expensive branded Movado watch and In September 2014, the BJP government decided to shut down ‘legend of India’ HMT operations in a phased manner after 53 years in service.Homegrown sports utility vehicle Mahindra Scorpio, the top choice of Narendra Modi during his election-winning pan-India campaigns, is being mobilised to dethrone the BMW as the car of the prime minister.It is a matter of great pride and honour for us that the prime minister uses a vehicle designed, developed and built in India. Modi Ditched ‘Made in India’ Mahindra Scorpio for an ‘Made in Germany’ Armoured BMW 7-Series.

    When it comes to personal choice from ‘Nehru Kurta’ to mode of travel he need ‘imported’. Why can’t PM of India set an example like Mahatma Gandhi wearing one piece drape? Why can’t ‘make in India’ initiated with PM himself?

    Jai Hind

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