IT Highest Paying Sector, Manufacturing Least in India
- Gayathri Mathivanan
- February 15, 2016, 10:59 AM
Information Technology sector employees get the highest pay in India with a average gross hourly salary of Rs 346, while those in the manufacturing sector get paid Rs 254.
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. BFSI sector comes in second with a median salary of Rs 300.23.
"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 the sectors are least satisfied with their salaries," Sanjay Modi, Managing Director of Monster.com India said.
The government focus towards the sector through Make in India programme.
The findings of manufacturing sector confirm that irrespective of the education levels, the salaries are still very low, even for a Master's degree holder, the average hourly salary stands at Rs 260.
"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/hr while large firms pay an hourly average salary of Rs 324/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.
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