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The information, communications, and technology sector offers the highest median wage in India at Rs 341.8 an hour. according to the Monster Salary Index.
The lowest median wage is found in the education and research sector at Rs 186.5 an hour, 45% less than IT. However, Ph.D holders in the education sector earn a median hourly wage of Rs 350.5.
With booming demand for education in India, the search for qualified teachers and professors could potentially push wages higher, the salary index notes.
With booming demand for education in India, the search for qualified teachers and professors could potentially push wages higher, the salary index notes.
"Level of education is observed to be one of the major factors influencing wages in India. In general, it pays off to invest in a four of five-year degree in India. Such advanced education comes with over Rs 100 per hour premium in comparison with the three-year Bachelor’s degrees. Nevertheless, a three year degree still brings a Rs 80 per hour premium over plus two or equivalent higher secondary education. Thus, in general it is beneficial to invest in education in order to obtain higher returns in future, in terms of wages," the survey states.
While larger companies pay higher wages than smaller ones, foreign firms pay higher median wages as compared to domestic companies. Taking higher wages as a signal for greater efficiency in foreign firms, there is scope for further integration of processes and methods between both types of firms.
Median wages for females continue to lag behind male median wages in every sector, as well as with respect to supervisory positions held by both female and male.
The survey notes that bonuses and overtime pay are not prevalent forms of compensation in India. When bonuses do arise, they are mainly distributed in the manufacturing sector, and the median bonus amount is also higher than in other sectors.
"Very few firms acknowledge overtime work hours or weekend work hours in terms of monetary benefits. This is evident from the analysis of our sample data, wherein only 6.6% of the sample received weekend allowance and only 5.8% of the sample received some overtime bonus. Most of the firms consider working beyond office hours as a part of the job, and do not believe in compensating employees for extra hours," the survey notes.
Likewise, satisfaction with life is higher in the manufacturing sector compared to other sectors.
Monster Salary Index is a joint initiative of Monster India and Paycheck.in with IIM-Ahmedabad as a research partner.
The report looked into overall median wages in India as well as median wages by several key sectors which included Construction and Technical Consultancy; Education and Research; Financial services, Banking, and Insurance; Healthcare, Caring services, and Social Work; IT services; Legal and Market Consultancy, Business activities; Manufacturing; Transport, Logistics, and Communication.
The analysis takes into account the period between first quarter of 2012 up to December 2014 for wages and till first quarter of 2014 for working conditions and satisfaction.
The sample used for the analysis consists of 35,929 respondents, approximately 85.7% of which are men and the remaining 14.3% women and captures the organised sector.
