New Delhi:
Despite the Modi government's struggles to make India progress as a manufacturing centre, the country's labour-intensive manufacturing sector is the lowest paying sector. At just Rs 211.7, the manufacturing sector's average hourly salary is less than half of the BFSI sector whose salaries at Rs. 433 are the highest.
What's more unexpected is that the sector's average hourly salary declined by 16 percent in the sector, going from Rs 251.9 in 2014 to Rs 252.1 in 2015 and Rs 211.7 in 2016, as per the Monster Salary Index (MSI) by online recruitment portal Monster India.
Banking, Financial Services, and Insurance remained the highest paid sector with Rs 433 median hourly gross salary trailed by IT at Rs 386.8. Healthcare, Caring services and Social Work sector paid with Rs 242.5 and followed by education sector with Rs 204.1.
Monster_Industry “This comes as a revelation at a stage where there have been concentrated efforts towards making India a manufacturing hub. The rate at which the salaries in the sector is dipping could pose a challenge to attract new talent entering the marketplace,” the report said.
After scrutinizing several parameters, MSI stresses that employees in the manufacturing sector with only secondary education earn Rs 101.4 which is 62.6 percent less than master graduates at Rs 270.8. Male employees in the sector earn Rs 256.6 typically and women workers earn Rs 179.8, making up a 29.9 percent difference in salaries of the two genders.
Also, in the manufacturing sector, wholly- and partly-owned foreign organizations pay more than double than that of domestic companies at an average gross hourly salary of Rs 349.7. According to the report this shows that improving the gender equation in labour force participation and managing the spurt in automation can be helpful in India’s development.
“Manufacturing, typically is a labour intensive sector. However, owing to automation and technological disruption, availability of relevant skills and capabilities will be the key focus, going forward. Taking hint from this overall structural transformation, there is an immediate need for India to marry human skills with automation to fulfil its ambition of becoming a manufacturing powerhouse,” Sanjay Modi, APAC and Middle East, Monster.com said.
Modi added further that the spotlight should now be on re-skilling, upskilling, building relevant capabilities and creating jobs for the 10 million young people who arrive at the job market annually.
The analysis shown in this report is based on the Wage Indicator dataset set for a period of 3 years, from January 2014 to December 2016.Manufacturing sector pays the lowest despite thrust on making India a manufacturing hub
Despite the Modi government's struggles to make India progress as a manufacturing centre, the country's labour-intensive manufacturing sector is the lowest paying sector. At just Rs 211.7, the manufacturing sector's average hourly salary is less than half of the BFSI sector whose salaries at Rs. 433 are the highest.
What's more unexpected is that the sector's average hourly salary declined by 16 percent in the sector, going from Rs 251.9 in 2014 to Rs 252.1 in 2015 and Rs 211.7 in 2016, as per the Monster Salary Index (MSI) by online recruitment portal Monster India.
Banking, Financial Services, and Insurance remained the highest paid sector with Rs 433 median hourly gross salary trailed by IT at Rs 386.8. Healthcare, Caring services and Social Work sector paid with Rs 242.5 and followed by education sector with Rs 204.1.
Monster_Industry “This comes as a revelation at a stage where there have been concentrated efforts towards making India a manufacturing hub. The rate at which the salaries in the sector is dipping could pose a challenge to attract new talent entering the marketplace,” the report said.
After scrutinizing several parameters, MSI stresses that employees in the manufacturing sector with only secondary education earn Rs 101.4 which is 62.6 percent less than master graduates at Rs 270.8. Male employees in the sector earn Rs 256.6 typically and women workers earn Rs 179.8, making up a 29.9 percent difference in salaries of the two genders.
Also, in the manufacturing sector, wholly- and partly-owned foreign organizations pay more than double than that of domestic companies at an average gross hourly salary of Rs 349.7. According to the report this shows that improving the gender equation in labour force participation and managing the spurt in automation can be helpful in India’s development.
“Manufacturing, typically is a labour intensive sector. However, owing to automation and technological disruption, availability of relevant skills and capabilities will be the key focus, going forward. Taking hint from this overall structural transformation, there is an immediate need for India to marry human skills with automation to fulfil its ambition of becoming a manufacturing powerhouse,” Sanjay Modi, APAC and Middle East, Monster.com said.
Modi added further that the spotlight should now be on re-skilling, upskilling, building relevant capabilities and creating jobs for the 10 million young people who arrive at the job market annually.
The analysis shown in this report is based on the Wage Indicator dataset set for a period of 3 years, from January 2014 to December 2016.
