According to a report, Manufacturing sector sees a 9 per cent increase in median gross salary and the second highest-earning sector after IT in the last three years.
Monster Salary Index (MSI) states that of the eight sectors analysed, manufacturing is the only sector to see an increase of 9 per cent in median gross hourly salary at Rs 230.9. It is also 5.2 per cent more than the overall median gross salary of India at Rs 219.4 per hour.
In 2017, manufacturing has also been the second highest-earning sector in India after IT. The report states that though IT sector paid median wage at Rs 317.6 per hour, the highest among all monitored sectors, the increase is 17.8 per cent less than the last year. “This is one of the reasons why more than half (51 per cent) were not satisfied with their jobs,” the report said.
Some other aspects contributing to job dissatisfaction are commuting time, work-life balance, and working hours. “Interestingly, employees in the IT sector are most satisfied with their relationships at work. They rated their relationships with colleagues and supervisors a high 90 cent,” the report added.
Abhijeet Mukherjee, Chief Executive Officer, Monster.com, APAC and Gulf said in the press statement, “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 Monster Salary Index.”
“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 & Manufacturing sector till July 2018, as reported by Monster Employment Index,” he added.
The index is based on the Wage Indicator dataset collected from Paycheck.in, the Salary Calculator and Monster Salary Index covering the period of three years, from January 2015 to December 2017.