Average Salary in India: Key Facts and Figures for 2024

June 27, 2024
average salary in india

Quick Summary

  • Average salary in India varies significantly based on factors such as industry, location, job role, and experience level.
  • As of recent trends, salaries in India have been gradually increasing, particularly in sectors such as IT, finance, healthcare, and e-commerce.
  • With the rise of remote work and digitalization, there’s a growing demand for skilled professionals, leading to higher salaries, especially in tech-related fields like software development, data science, and cybersecurity.
  • However, certain industries may experience stagnant or slower salary growth, influenced by factors like economic conditions, market demand, and government policies.
  • It’s essential for individuals to continually upskill and adapt to evolving market trends to remain competitive and secure higher-paying opportunities in the dynamic Indian job market.
 
 

Table of Contents

Are you curious about the average salary in India and how much people earn monthly? If so, you’re not alone. Understanding the market value of your position is important, and knowing the average and minimum wage can help you gain perspective. In this article, we’ll explore the topic of average salary in India and answer some of the most frequently asked questions.

India’s economy is constantly evolving, and so is the salary structure. However, over the years, there has been a significant increase in salaries. Despite the economic conditions of the country, salaries have continued to rise, with an estimated increase of about 9% after the pandemic. The average Indian salary has seen a considerable increase after organizations conducted recruitment drives.

It’s worth noting that the average salary in India can vary depending on various factors, such as industry, job type, and location. In this article, we’ll delve into these factors and provide you with a comprehensive overview of the average salary in India. Whether you’re a job seeker, an employee, or an employer, understanding the average salary in India can help you make informed decisions. So, let’s get started!

What is the Average Salary in India?

As of 2022, the average salary in India is around Rs. 5.7 lakh per annum (INR 47500 per month). However, this can vary greatly depending on various factors, such as industry, job type, location, and experience. It’s important to note that salaries in India are generally lower than in developed countries but can still provide a comfortable standard of living. Additionally, the average salary in India is constantly evolving due to changes in the economy and job market.

Fact about avg salary in india

Pay Scale in India

To understand the pay scale in India, you must be clear about the median salary. There is a vast difference between average salary and median salary. Most people think that both are the same. The average salary in India and median salary are both scales of measurement. They are both indicators that tell which category you belong. The median salary means that 50% of the population earns more than the average wage value, and the other half earns less than the median salary value.

Average monthly income in India

If your salary is both average and above average, you earn decent and do well in your job. If not, you don’t get paid as per the market value. Now let us come to the salary scale in India.

What is Salary Scale?

The pay scale shows the salary range you get when you work for a specific job. The maximum and minimum salary that a group of candidates can receive for any job position in a company. The higher your qualifications for the job, the better salary you have.

If you come under the minimum requirement candidate, you come under the minimum pay scale group. The pay scale in India is calculated from the average salary in India for a particular role. Average is calculated, and then wages are fixed.

Your pay scale depends on many factors. Such as your education, qualifications, experience, and field of work. The average monthly salary also depends upon these factors.

If we try to break this average monthly income in India into the average hourly wage then it will be easier for you to understand. The average hourly wage in India can be calculated by seeing the work culture here.

The hourly wage system is not as popular in India as in the rest of the country.

On average, a person works 8 hours a day and six days a week. Accordingly, a person in India earns INR 180 hourly.

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What is the Minimum Salary in India?

Now you know about the average salary in India, let us know about the minimum wage in India. According to the new labour law, companies cannot pay you less than the prescribed minimum wage. The minimum wage at the national level is around INR 178 per day. According to the reports, this is the minimum salary. However, it varies from state to state, industry to industry and other factors. Talking about various factors, we can categories minimum wages into different employment categories.

Unskilled Semi-Skilled Skilled
These are groups of people who are not skilled enough to get a proper job. People who have good knowledge or at least complete some part of education and have less experience come under this category of employment. Skilled people are professionals who have degrees in their respective fields and also have practical experience in which they are working.
They manage to find work and earn at least INR 1662 per month. They get a minimum salary of around 1828.30 per month. They earn a minimum wage of INR 1997 per month.
It should be noted that all such figures are different when we look at a different geographical location. Their monthly wages also depend on their location. Due to lack of improvement in their work or any other unfortunate reason they come under the category of minimum wage in India.
Talking about areas like metro cities, this figure can go up to INR 16,064 per month. They can work as a security guard, waiters/waitresses, taxi drivers etc. They can work as an electrician, computer operator, financial technician etc.

What is a Good Salary in India?

A good salary is where you can easily save some amount after spending on your monthly expenses. Several factors influence the definition of a decent salary in India. The place you are living and your standard of living are the two most important factors that define a good salary.

If we talk about the average salary after taking all the factors then after including all the expenses like transportation and groceries, a good salary can be around INR 30,000 per month with an average standard of living.

Recommended Read: 20 High-Paying Online Work-from-Home Jobs in India

Factors Affecting Your Average Monthly Salary in India

Several factors are taken into account when comparing the average salary in India. We have classified these salaries based on the following factors.

1. Experience

Your experience determines your salary. Around 30% more salary, is given to the person with 2 to 5 years of experience for a particular job role compared to the fresher. Professionals with more than five years of experience can get a salary increase of up to 35% compared to those with five years or less. This cycle runs in every profession in India.

2. Education

The higher the education, the better your chances of getting a good salary. If you are in high school and have a diploma, your salary will increase by 17%. With a diploma or certificate and a bachelor’s degree, you are likely to get an increase of 24%. There is a 30% increase in the pay scale of master’s degree holders

3. Industry

The industry you work in also reflects how much you can earn. Here’s a breakdown of salaries by industry.

  • The banking sector gives you growth of around 1-2% per annum.
  • The energy sector offers a huge opportunity to the people as every top institute is focusing on a sustainable future.
  • The healthcare industry has a decent pay scale with an almost 5% increase yearly.
  • The education sector sees an increase of 7-8% in their average salary in India.

Also Read: Best Career Options in India for Freshers and Experienced Candidates

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Increase in India’s Annual Increment Rate

As stated in the above article, the average salary in India is increasing each year. Inflation is also increasing continuously, but the rate is comparatively slow. If you fall below the minimum wage category, then you should work on your skills for better and more competitive pay in the industry.

You can also start a part-time job which opens up multiple sources of income for you. There are many online platforms where you can find work according to your skills.

Don’t make the mistake of moving from industry to industry if you are already working in an industry at low pay. It will not help you get a better salary. Stay in your domain and upgrade your skills to increase your pay scale.

Frequently Asked Questions

What is a good salary for India?

A decent earning and average salary in India is around INR 3 LPA. If you earn up to INR 25K in a month, you earn a decent salary. Your salary also depends on various factors. Like the industry, you work. Your chances of earning a higher salary will increase if you work in a demanding industry. Similarly, your education matters when it comes to salary. The higher your qualification, the higher will be your salary.

What is the average salary of a man in India?

The average salary in India is INR 21,000 per month which can sometimes go up to INR 31,900 depending on the industry in which they work. Working in the industry that is most in demand will increase your chances of earning a higher salary eventually. For example, the service industry continues to grow and is witnessing the highest growth. Therefore, you will get a good salary in banking, retail, software etc.

Is 1 lakh a good salary in India?

Yes, earning 1 lakh per month is considered a good salary in India. It translates to INR 12 lakhs per annum, which is a substantial amount of money in India and can provide a comfortable standard of living, especially in smaller cities or towns. However, it’s important to note that the cost of living can vary significantly depending on the city and lifestyle.

What is middle class income in India?

The definition of middle class income in India can vary depending on the source and methodology used. However, a commonly used criterion is based on the income level. According to the Reserve Bank of India (RBI), households with an annual income of Rs. 2.5-10 lakhs fall under the middle-income group.

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