The manufacturing sector is the lowest paid in India, with an average gross wage of just 211.7 Rs per hour.
According to the Monster Salary Index (MSI), published by India’s Monster employment website for the year 2016, there was a 16% decrease in wages – Rs 251.9 per hour in 2014 to 252.1 in 2015 Rs Rs 211.7 in 2016 – despite the government providing greater pressure on manufacturing and attempting to create inclusive economic growth.
MSI has also made a number of revelations. For example, it was found that manufacturing employees have a school diploma earning Rs 101.4 per hour while those with a degree degree are Rs 270.8, which is a 62.6% gap.
The wage gap between men and women has remained at about 29.9% of men with an average of Rs. 256.6 per hour, compared with their female counterparts, which yields a low Rs 179.8.
Companies owned wholly or partly overseas property were paid for double those of domestic companies, at Rs 349.7 per hour. The MSI also noted that employees in supervisory positions in the manufacturing sector up to 34.7% more than their subordinates.
The highest average gross hourly wage in 2016 was recorded by the banking, financial and insurance sector at Rs 433 per hour.
Then, the information technology sector in Rs 386.8, followed by health, care and social work in Rs 242.5. The average gross salary in the education sector was Rs 204.1 last year.
Sanjay Modi, CEO of Monster.com (APAC and Middle East), called the manufacturing sector as the backbone of a mature economy, as it fuels growth, productivity and employment, and strengthens agriculture, as well as Service sectors.
“In India, manufacturing industry contributes about 16 per cent to gross domestic product and employs around 12-13 per cent of the workforce. However, despite being so important to India’s economy, Sector remains the lowest paid Rs 211.7 per hour, “he said.
Modi admitted that the government issued a number of initiatives – such as ease of doing business, investment rules for FDI and infrastructure development – to achieve its ambitious goal of strengthening the contribution of manufacturing sector GDP to 25 % In 2025.
However, he also noted that there was a gap between the potential opportunities and real progress that had yet to be covered. “The manufacturing sector is typically a lot of manpower.
However, due to automation and technological advancements, the focus will be on relevant skills and abilities in the coming years.
Therefore, if India wants to achieve its goal of becoming a manufacturing power, human technology is immediately married to automation, “Modi said.
He also said he now focus on aptitude, development, building relevant skills and creating jobs for 10 million young people entering the labor market every year.
Monster of India published the MSI in collaboration with Paycheck.in and IIM-Ahmedabad.