The Monster Salary Index (MSI) report reveals that the manufacturing sector in India is the only sector other than IT that pays median gross salary of more than Rs 200 per hour. Manufacturing is also the second highest-earner in the country.
The median gross salary in the manufacturing sector is ?230.9 per hour. It is the only sector to witness an increase of nine per cent in median gross hourly salary, which is 5.2 per cent more than the overall median gross salary of India, which is Rs 219.4 per hour.
The report also studied other sectors, such as construction and technical consultancy, education, research, healthcare, care giving services and social work, legal and market consultancy and transport, logistics and communication.
According to the report, the IT sector pays median wage at ?317.6 per hour, which is the highest among all monitored sectors, yet 17.8 per cent lesser than the previous year. That is why, 51 per cent were dissatisfied with their jobs. Other factors that caused dissatisfaction were commuting time, work–life balance and working hours.
IT-sector employees were most satisfied with their relationships at work.
According to Abhijeet Mukherjee, CEO, APAC and Gulf, Monster.com, India is all set to become one of the largest manufacturing economies in the world. He also said that despite the uncertainty brought about by automation and AI, job creation will continue with a focus on the upskilling and re-skilling of the current workforce.
Mukherjee shared that there have been changes in wages in the IT and BFSI sectors resulting in low pay satisfaction —only over 40 per cent of employees are happy with their salaries. These are also sectors that have witnessed a rise in recruitment activity, according to MSI. Therefore, employee satisfaction can be improved if the salaries are revised in these sectors.
