WageIndex Report India: Wages and working conditions in the financial sector

Abstract

• 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.