It’s official now.
India’s information technology (IT) sector, famous for doling out perks such as high-end smartphones and luxury cars, is the top paymaster with an average gross salary of Rs 341.8 per hour, according to the Monster Salary Index (MSI) released on Tuesday.
The average gross salary in the construction sector, according to study by job portal Monster India, is Rs 259 per hour; in education it is Rs 186.50 per hour, healthcare Rs 215 per hour, legal Rs 215.6 per hour, and the average salary in the manufacturing and transport Rs 230.90 per hour.
Moreover, the new government’s initiatives on economic revival has industry executives upbeat about salary hikes across sectors.
“Considering the limited talent across categories, a spurt in salaries looks obvious this year,” said S Varadarajan, head, corporate affairs at Vistara, the recently launched joint venture airline of Tata Sons and Singapore Airlines.
“The country is on the edge of a new wave of development that is expected to deliver jobs and prosperity to millions, which has a direct correlation with salary and income,” said Sanjay Modi, Monster India’s MD for India, West Asia, Southeast Asia and Hong Kong.
However, the IT sector, which employs 3 million Indians directly and another 9.5 million indirectly, is not immune to gender pay gap. On an average, women earn 34% less than men. “While we have seen a great increase in the number of women in supervisory positions, this does not reflect in their salaries,” the report said. This disparity is common across the world, including the US, the study said.
“The two welcome highlights are that the finance sector has emerged high in the league of lucrative careers. Secondly the gender pay gap is 19%, which is lower than the average in the Indian economy. On the other hand, in the IT sector, which leads the game, the gender pay gap is a very high 34%,” Modi commented.
The Monster Salary Index is a joint initiative of Monster India and Paycheck.in. IIM-Ahmedabad is the research partner in the study.
The report looked into overall average wages in India as well in several key sectors for the period between the first quarter of 2012 and December 2014.
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.