India's median gross hourly salary declined 21% in 2017 over 2015, but the manufacturing sector has been a bright spot where it actually went up as much as 9% during the period, Monster Salary Index showed.
India’s median gross hourly salary declined 21% in 2017 over 2015, but the manufacturing sector has been a bright spot where it actually went up as much as 9% during the period, Monster Salary Index showed.
“Overall median gross salary Rs 219.4 per hour in 2017; approximately 21% drop from the overall median gross salary of Rs 277.1 per hour in 2015. Though IT sector is the highest paid in India at Rs 317.6 per hour, it saw 17.8% decline from the previous year,” it said in a report.
In 2017, manufacturing has also been the second highest-earning sector in India and with the exception of the IT sector, manufacturing also remains the only other sector that paid median gross salary of above `200 per hour threshold.
The report is based on the WageIndicator dataset covering the period of three years, from January 2015 to December 2017, of 20,994 respondents.
The report said the IT sector paid median wage at Rs 317.6 per hour, the highest among all monitored sectors, but 17.8% less than last year. Due to lower payment of median wage, more than half of the samples were not satisfied with their jobs. Some other aspects contributing to job dissatisfaction are commuting time, work-life balance, and working hours.
“The advent of automation and AI has brought about some uncertainty, but job creation is expected to continue with an impetus on upskilling and re-skilling the current workforce.
“The IT and BFSI sectors have shown a correction in wages and it isn’t surprising that pay satisfaction is low with only over 40% staff satisfied,” said Abhijeet Mukherjee, CEO, Monster.com, APAC and Gulf.