July 18, 2017 6:22:03 pm
While there have been concentrated efforts towards making India a manufacturing hub, as per a report this sector is the lowest paid with a median hourly gross salary of just Rs 211.7. According to Monster Salary Index, banking, financial services and insurance (BFSI) are the highest paid sectors with Rs 433 median hourly gross salary, followed by IT at Rs 386.8.
Among other job intensive sectors, healthcare, caring services and social work sector saw a gross hourly salary of Rs 242.5. Despite economic growth, the median hourly salary of the manufacturing sector witnessed a declining trend from Rs 252.1 in 2015 to Rs 211.7 in 2016.
In India, the manufacturing output contributes about 16 per cent to the overall Gross Domestic Product (GDP) and
employs nearly 12-13 per cent of the labour force.
“Despite being significant for the Indian economy, the sector remains amongst lowest paid at Rs 211.7. Additionally,
there is an ambitious target of increasing GDP contribution of manufacturing sector to 25 per cent of by 2025,” Monster India MD, A-Pac and Middle East Sanjay Modi said.
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The report further elaborated that employees in the manufacturing sector with only secondary education earn Rs 101.4, 62.6 per cent less than master graduates at Rs 270.8. Moreover, gender pay gap is higher as male employees earn Rs 256.6 on an average, while female employees earn Rs 179.8, constituting a 29.9 per cent gender pay gap.
The report covered eight sectors which also included transport, logistics, communication; construction and technical consultancy.
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