Manufacturing is the only sector besides information technology (IT) that paid a median gross salary of above Rs 200 per hour in 2017 in India, according to a report. It also stated that this is one of the reasons why more than half (51 per cent) Indians were not satisfied with their jobs, it said.
At Rs 230.9 per hour, manufacturing is the only sector among the eight to see an increase of nine per cent in median gross hourly salary, according to the ‘Monster Salary Index’ (MSI) report for the manufacturing sector.
The median gross salary in the manufacturing sector in 2017, at Rs 230.9 per hour, is 5.2 per cent more than the overall median gross salary of the country, which is Rs 219.4 per hour, it added.
The report is based on the WageIndicator dataset covering the period of three years, from January 2015 to December 2017, of 20,994 respondents.
In addition to the manufacturing sector, the report studied construction and technical consultancy, education, research, healthcare, caring services and social work, legal and market consultancy and transport, logistics and communication sectors.
The report observed that the IT sector paid a median wage at Rs 317.6 per hour, the highest among all monitored sectors, but 17.8 per cent less than the last year.
Some other aspects contributing to job dissatisfaction were commuting time, work-life balance and working hours. Interestingly, employees in the IT sector are most satisfied with their relationships at work.
“As industry 4.0 continues to gain wider acceptance and reshapes the manufacturing industry, India is well positioned to become one of the largest manufacturing economies in the world. The momentum is mirrored by the increased median gross hourly wage recorded for the manufacturing sector in the MSI,” Monster.com, APAC, and Gulf, CEO Abhijeet Mukherjee said.
He said, there are already clear signs of green shoots sprouting in pockets of local manufacturing in sectors as diverse as steel, auto, chemicals and energy and this is also reflected in the 60 per cent year-on-year growth in online hiring in the production and manufacturing sector till July 2018, as reported by Monster Employment Index.
(With PTI inputs)