Are you wondering about what is the average salary in India? What is the average monthly income in India? Well, you will have to read it further to know the answer to the most commonly asked question on Google. Every individual goes through a phase where he/she compares his their salary with other individuals. Tell us honestly how many times this thought about the average salary in India strikes your mind. The answer must be many times. It is a human tendency that we want to know if we are getting paid an average salary. If not, what is the minimum salary in India, and what is the good salary in India that I should have? All such questions are normal and these are just questions of curiosity.
This article will answer all your questions about the average salary in India and everything related to salaries in India so that you don’t have to look around for the answer anywhere else. The Indian economy has been on a roller coaster ride we all are aware of. But there has been a significant rise in the salary. It is estimated according to the report, there will be a hike of around 6.4% in salary hike in 2021. Which is a decent number while looking at the financial state of the country.
Since the pandemic arrived there have been so many ups and downs in the lives of salaried people. Many people in India lost their jobs and some didn’t even get paid for their performance. But things soon got better as a recruitment drive was conducted by every organization and there was a significant rise in average monthly income in India. It’s time to know the answer to the most commonly searched question about the average salary in India.
A person living in India mostly earns an average of around Rs 30,000 per month. This is the average salary in India per month. If this figure is fascinating to you and you want to learn more about salary scales and how to get extra income then stick through this article. It will lead you through all the ways by which you can boost your monthly income. These figures are not fixed as they vary drastically from person to person and other factors also affect them. The occupation you are into, the qualification you have, and even the experience also matter in deciding the average income in India.
To understand the salary scale in India we should be clear about some of the terms like median salary. There is a huge difference between median salary and average salary. Most people mistakenly think these terms are the same. Median salary and average salary both are scales of measure. They both are indicators that tell what category you belong to. Median salary means that 50% of the population are earning more than a median salary value and the other half are earning below the median salary value.
If your salary is above both median and average then you are doing pretty good in your job career based on earning money. If not then you should be working hard to reach the bar. Now coming to the salary scale in India.
The salary scale depicts the range you get when you work for a particular job. The maximum and minimum salaries that a set of candidates get for any job position in a company. The better your qualification is and the requirement you match for the job the better your salary scale is. If you fall under a minimum requirement candidate then you will be exposed to the minimum salary scale group. The salary scale in India is calculated by the average salary in India for a particular role. The average is calculated and the wage is then decided. Your pay scale depends upon a lot of factors. Your education, qualifications, experience, your attitude towards your role in the job, and many other things if seen from an employer’s point of view.
The average monthly salary in India also depends upon age, experience, and in which field you are in. 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 salaries in India. The average hourly wage in India can be calculated by seeing the work culture here. On average an individual works for 8 hours a day and 6 days a week. According to that per hour, an individual is getting 130 Rs in India. This system of hourly wage is not that popular in India as seen in the rest of the country.
Now since we are aware of the average salary in India now it’s time to shed some light on the minimum salary in India. According to the new law, a person cannot be underpaid from the stipulated minimum salary in India. The national-level minimum salary in India is around Rs 170 per day and 4500 Rs per month. This is the minimum salary according to the reports. It should be noted that it varies from state to state in India and also drastically varies from other factors. Talking about the different factors we can classify the minimum salary into different classes of employment.
These are the group of people who are not skilled enough to get a proper job. But they still manage to find work and earn a minimum of 10,000 Rs per month. It should be noted that all such figures vary as we look at a different geographical location. Talking about regions like Metro cities then this figure can go up to Rs 15000 per month.
The people with a decent piece of knowledge or at least they have done some part of the education and have a bit of experience fall under this class of employment. The minimum wage they get is around Rs 15000 per month.
Skilled people are professionals with a good degree in their respective fields and also have hands-on experience in which they are working. But somehow due to lack of improvement in their work or any other unfortunate reason they fall under minimum salary in India category. They earn up to 17,000 per month.
Before knowing about what is a good salary in India we should know what factors determine when we call any figure a good salary in India. A good salary is one in which you can easily save some amount of money after spending on your monthly expenses. Many factors affect the definition of a good salary in India. The place where you are living and your living standard are two of the most important factors that define a good salary. If we talk on average considering all the factors then it comes out to be around Rs 30,000 per month is a good salary with the average standard of living. Including all the expenses like transportation, groceries, personal expenses, and much more.
There are a lot of factors that are taken into account when it comes to the comparison of the average monthly salary in India. We have categorized these salaries based on the following factors.
When it comes to salary the experience acts as a key factor in determining how much an individual can earn. There is a significant increase in your average salary if your experience increases. Almost 30% more salary is awarded to the person who is in 2 to 5 years of experience for a particular job role as compared to fresher. On the other hand professionals with almost more than 5 years of experience can get up to 35% of an increase in salary as compared to people with experience of 5 years or less. This cycle goes in every profession in India. The average salary in India increases for an individual as soon as he/she gains a decent amount of experience. So keep hustling and with patience, you will reach your desired average monthly salary in India.
You might think that it is obvious that education plays an important role in determining how much your average salary will be. Yes, it indeed plays a crucial role but do you ever wonder how much it affects? The higher the education, the better are your chances to get a great salary in hand. Here is the breakdown of increment in average salary in India per month at every education qualification. If you are in high school and get a diploma done then you will get an increase of 17% in the salary. From diploma or any certificate to bachelors degree then you are most likely to get a raise of 24%. If you are thinking of getting a master’s degree and wondering how much it will affect your salary scale then it will give you an increment of a total of 30%.
The industry you are in also depicts how much you can get raised in your average salary. You must be aware of the fact that every department gets their financial budget and according to that, they plan things. So here is the breakdown of the salaries in India according to the industry you are into. Starting with the banking sector it gives you an increment of approximately 1-2% per year. The energy sector offers a great opportunity to the people as every top institution is focusing on a sustainable future. So it shows a great increase in the coming years. For now, you can see an increase of 2-3%.
Healthcare is another field that gives you a great amount of average income in India. With an almost 5% increase every year. The education department tops the list, as education is the most critical part of every individual’s life. Teachers and instructors can see an increase of 7-8% in their average salary in India.
As we now know what is the average salary in India and we can plan accordingly for a better future ahead. Still, if you feel like earning an extra income then you should check out Chegg India. Chegg India is a great platform for teaching enthusiasts where you can earn a passive income just by devoting a few hours daily. At Chegg India, you can become an SME, Subject matter expert.
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As it is stated in the above article that the average salary in India is growing every year. Inflation is also steadily increasing but the rate is comparatively slow. To fall in the category above the average income per month in India then you should focus on multiple streams of income. Extra income is like an umbrella on a rainy day. If you fall below the category of the minimum salary in India then you should work on the skill you have for a better competitive salary in the industry. Don’t make the mistake of switching from industry to industry; this will not help you in getting a better salary. Stay in your domain and upgrade your skill to get a raise in the salary.