Manufacturing sector employees get just Rs 211 per hour; banking highest paid sector
- Manufacturing sector employees median hour gross salary dropped by 16% in 2016
- Manufacturing sector has a 29.9% gender pay gap
- The highest median gross hourly salary has been in the Banking sector at Rs 433.0 in 2016
While the manufacturing sector is contributing over 16% in India's gross domestic product (GDP), the employees working in it are hardly getting paid.
The employees working in manufacturing sector were the lowest paid with median hour gross salary of Rs 211.7 in 2016, a drop of 16% from Rs 251.9 in 2014 to Rs 252.1 in 2015, a report showed.
The report covered eight different sectors - Information Technology (IT); Banking, Financial Services, Insurance; Manufacturing; Education and Research; Legal and market consultancy, business activities; Health Care, Caring services, Social work; Transport, Logistics, Communication; Construction and Technical Consultancy.
According to Monster Salary Index report, employees in the manufacturing sector with only secondary education earn Rs 101.4 which is 62.6% less than master graduates at Rs 270.8.
The male employees in the sector earn Rs 256.6 on an average and female employees earn Rs 179.8, constituting a 29.9% gender pay gap.
To add to it, as per the report, at a supervisory position on an average, employees in the manufacturing sector earn 34.7% more than their subordinates. This strong pay gap observed can be attributed to the pay gap between male and female supervisors. Manufacturing sector is the worst paid in India, however, there has been a subtle increase in the employees’ satisfaction with pay from 50.8% to 53.5%.
The rate at which the salaries in the sector is dipping could pose a challenge to attract new talent entering the marketplace, the report mentioned.
Sharing his views, Sanjay Modi, Managing Director (APAC & Middle East), Monster.com said, “Manufacturing sector is the backbone for a mature economy as it fuels growth, productivity, employment and strengthens agriculture and service sectors. In India, the manufacturing output contributes about 16% to the overall GDP and employs nearly 12%-13% of the labour force. Despite being significant for the Indian economy, the sector remains amongst lowest."
Among other job intensive sectors, the highest median gross hourly salary has been observed in the Banking, Financial Services, and Insurance sector at Rs 433.0 in 2016, followed by IT at Rs 386.8 and Healthcare, Caring services and Social Work sector at Rs 242.5. The median gross hourly salaries in Education sector stood at Rs 204.1 in 2016.