Gender Pay Gap Worsens; Women in IT Sector Are Earning 34% Less Than Men
In 2012, we had reported that Indian women in IT industry are earning 29% less than males, for doing the same job and after being hired for the same position.
Two years later, we are sorry to announce that the gender pay gap has only increased – not only in IT sector but across the corporate spectrum. If we observe only IT sector, then women are now getting paid 34% less than men, which is an increase of 5% over a period of 24 months.
This widening gender pay gap is not good for the industry and the country as a whole.
Last year, it was found that India as a country may lose Rs 46 lakh crore due to gender inequality. As per McKinsey, overall, Indian women are paid 62% less than men.
And now, with Monster India’s Monster Salary Index’ (MSI) for 2016 is out, it is clear that the loss will only increase as women are being given unfair treatment inside all jobs.
The latest Monster Salary Index has covered eight main industries for finding out the truth of gender pay gap:
- IT Services
- Health care, caring services, social work
- Education, research
- Financial services, banking, insurance
- Transport, logistics, communication
- Construction and technical consultancy
- Legal and market consultancy, business activities
Here are the interesting highlights from the report:
– IT industry is being grossly unfair for the fairer sex: If men are being paid Rs 360.9 per hour, women are offered only Rs 239.6/hr, which is a massive difference of 34% in gender pay gap
– Overall, employees of IT industry has received lesser pay in 2015-16, compared to last year: Rs 337.30 was the median pay for all IT employees compared to Rs 346.40 last year.
– Manufacturing sector witnessed maximum gender pay gap at 34.9%: Men earn Rs 259.8/hr, compared to Rs 192.5/hr for women
– Median gross hourly salary in manufacturing sector now stands at Rs 251.7, compared to Rs 251.9 in 2014
– Health care and social work sector is also unfair for women with 26% gender pay gap. If men are paid Rs 240.6 per hour, women are offered Rs 178.3 / hour.
– Median gross hourly salary in this sector stood at Rs 220.4 (for both men and women), which has actually decreased compared to 2014, when it was Rs 240.60/hr
– Gender pay gap in Education & Research sectors stood at 22% as median salary for men is Rs 220 per hour, compared to Rs 171 per hour for women
– Higher education, and especially a master’s degree, really pay off in India. Employees with a master’s degree earn on average Rs. 85 per hour more than employees with a bachelor’s degree and Rs. 198 per hour more than employees with only secondary education
– Workers in domestically owned companies in India earn around Rs. 106 per hour less than workers in partially foreign-owned companies and around Rs. 233 per hour less than workers in wholly foreign-owned companies
As per the MSI report, only 52.7% of employees are satisfied with their salaries; however the silver lining is that, whooping 75% are satisfied with their jobs.
You can check out the whole report here: