WageIndicator Foundation - WageIndex Report India: Wages and working conditions in the financial sector.
Kabina, T., Varkkey, B., Korde, R., & Bizik, P. (2015). WageIndex Report India: Wages and working conditions in the financial sector. WageIndicator Foundation, Amsterdam.
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ABSTRACT / KEY FINDINGS
- India’s banking industry alone is expected to create approximately two million jobs throughout the next five to ten years.
- The median gross hourly wage in the financial sector is INR 300.23.
- Overall, 96% of respondents in this sector hold at least a Bachelor’s degree.
- Workers below 30 years of age earn on average INR 194 per hour; workers between the ages of 30-40 earn INR 335 per hour, and workers over 40 earn INR 507 per hour.
- Approximately 86% of survey respondents working in the financial sector were men. Men earn a gross hourly wage of INR 311.78, while a female receives only INR 256.61 per hour.
- The gender pay gap in the financial sector is about 18%.
- Male supervisors out-earn female supervisors, and males are compensated higher for more experience than females with similar experience.
- Workers with permanent contracts earn about 20% more than workers with nontemporary contracts.
- Foreign companies in the financial sector pay wages that are more than two times higher than domestic firm wages, at the median.
- Small companies pay an hourly wage of INR 197.95, while large firms pay an hourly average wage of INR 324.51.
- Annual and performance bonuses in the financial sector are more common than in other sectors of the Indian economy.
- Workers are highly satisfied with their working relationships with colleagues, while least satisfied with their wages.