Prabhkiran Singh on LinkedIn: The approximate salary ranges for the top 10%, top 5%, top 2%, and top 1%… | 40 comments (2024)

The approximate salary ranges for the top 10%, top 5%, top 2%, and top 1% of earners in India are:🔸 Top 10%: A monthly salary of ₹80,000 or an annual salary of ₹9.6 lakhs (based on data from the Economic Survey of India 2020-21).🔹 Top 5%: A monthly salary of ₹1.2 lakhs or an annual salary of ₹14.4 lakhs (based on data from the Economic Survey of India 2020-21).🔸 Top 2%: A monthly salary of ₹2 lakhs or an annual salary of ₹24 lakhs (based on data from the All India Survey on Higher Education 2019-20).🔹 Top 1%: A monthly salary of ₹3.6 lakhs or an annual salary of ₹43.2 lakhs (based on data from the World Inequality Database).P.S. The exact salary range for each percentile can vary depending on the source and methodology used to calculate it.Also, note that these figures are approximate and may vary depending on various factors such as the industry, location, and experience level.#salarytrends #Salary #Compensation

The Great Indian Data Trick!Contrary to what the govt claims, that 20m new job opportunities were generated each year since 2017-18, India's growing employment stems largely from the informal sector. This sector comprises self-employed individuals, unpaid workers and temporary farm hires, whose jobs are not equivalent to formal positions with regular wages, private sector economists say. And more startlingly, 92% are employed in this sector.This also countradicts a Citibank report that said only 8.8 million jobs were added each year since 2012, largely from self-employed individuals, unpaid workers and temporary farm hires, and others in the informal sector."What is clear is that there is a large increase coming from agriculture and from self-employment, which includes own account work or unpaid family work," said Amit Basole, head of the Centre for Sustainable Employment at the #AzimPremjiUniversity.The jump in employment cannot be equated to the creation of formal jobs with regular wages, economists say.The Reserve Bank of India database showed agricultural work opportunities contributed 48 million of the 100 million jobs generated between financial years 2017-18 and 2022-23. Basole says "I wouldn't call them jobs," he added. "They're just people working in agriculture"Government data shows just 20.9% of India's overall workforce earned regular wages in the form of salary, as of 2022-23.Private consumption expenditure grew by a mere 4% in 2023-24, or half the pace of gross domestic product (GDP) which expanded at a whopping 8.2 %. This amply demonstrates the ground reality of falling incomes and declining formal sector jobs. The GDP growth was interestingly due to increase in tax revenues.Rupa Rege Nitsure, an independent economist says, "If enough employment is being generated, then enough income should also get generated and that should get translated into higher consumption at a broad-based level. Why are we then seeing so much unevenness in consumption spending?"Interestingly, a SBI report supports govt claims. It says India generated 125m jobs during this period, 4.3 times more than decadal fiscal years 2004-2014. This impressive employment growth is just not limited to the agricultural sector. In manufacturing and services number of jobs reached 89 million, compared to 66 million in the previous decade.Furthermore, the report says that the total employment reported by MSMEs crossed 200 million, indicating a robust growth in the MSME sector.The report also says that the quality of jobs increased . As a proof it talks about the share of Employees' Provident Fund Organisation (EPFO) jobs, which capture low-income jobs, declined from an average of 51% in the five years of fiscal years 2019-2023 to 28%. This means better-paid jobs are becoming more available. Additionally, the report says that there is a significant increase in employment in the construction sector. But it fails to note that these are migrant labour!

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Five key reasons why Indian businesses may struggle to pay higher salaries to employees:1. High Competition and Low Margins: Many Indian businesses operate in highly competitive markets, which often results in thin profit margins. This limits their ability to offer higher salaries.2. Limited Access to Capital: Small and medium-sized enterprises (SMEs), which form a significant part of India's economy, often face difficulties in accessing affordable capital, restricting their capacity to pay competitive wages.3. Focus on Cost Optimization: To stay competitive, many businesses prioritize cost-cutting measures, including controlling employee salaries, to maintain profitability.4. Skill Mismatch: There is often a gap between the skills available in the workforce and those required by businesses, leading to a reluctance to pay higher wages for employees who do not meet specific skill demands.5. Economic Uncertainty: Frequent economic slowdowns, inflation, and other uncertainties make businesses cautious about increasing their salary expenses, preferring to maintain conservative pay structures to manage risks.

It’s great to see the comprehensive coverage and the media interest for the most credible and long standing rewards and talent study in India - Aon’s Annual Salary and Turnover Study 2023-24. Compelling insights on how different sectors look at increments, attrition, talent management, performance differentiation and variable pay.Nitin Sethi Tarun Sharma Faraaz Saeed Anirban Gupta Shilpa Khanna Anustup Chattopadhyay Surya Shekhar De Amit Otwani Kavitha Venkatachalam Jang Bahadur Singh Anuradha Mohanty Belinda Armenta Peter Zhang Anne Corona Tzeitel Fernandes (She/her) Jon Pipe Ashley Dsilva Sudhir Singh Saurabh Verma Sushil Bhasin Jini P. Sumer Datta Anupam Prakash Rishi Mehra

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Beware of the CTC Trap in India! Many companies in India use high CTC figures to lure potential employees. However, the actual take-home salary is often much lower than expected. Various components, such as bonuses, allowances, and perks, are added to inflate the CTC, making it seem more attractive than it truly is. This practice can mislead employees, leaving them feeling undervalued and financially strained. It's important for job seekers to understand the breakdown of their CTC. Ask detailed questions about each component and how it affects your net salary. Remember, a high CTC doesn’t always translate to a high in-hand salary. Transparency and honesty in compensation discussions are crucial. Let’s raise awareness and push for clearer salary structures to ensure fair and transparent hiring practices. #EmployeeRights #SalaryTransparency #CTC #JobSeekers #India #hiring #HR #Salary #Compensation

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Which booming Indian sector in 2024 are you most excited about for career growth, and why? Chemical giant, GCC powerhouse, or retail revolution? #IndiaSalarySurge #SkillUpForSuccess #OpportunitiesAcrossIndustriesI believe India's projected salary bonanza offers exciting opportunities but with critical nuances. Here's why:Opportunity:Talent Magnet:India's resilience shines, attracting and retaining talent with competitive hikes. This bodes well for attracting global talent and boosting the Indian workforce.Sector Shifts:Beyond just finance, industries like chemicals, GCCs, and retail are emerging as high-growth hotspots. Individuals with relevant skills can leverage this for career advancement.Nuances:IT Slowdown:The IT sector's lower hikes highlight the need for upskilling and diversification within the industry. Focusing on niche specialties within IT can be crucial.Performance Matters:The increasing gap in incentives for top performers underscores the importance of exceeding expectations. Continuous learning and exceeding goals will be key to securing the highest rewards.Actionable Insights:Invest in yourself:Upskill to capitalize on booming sectors like chemicals and GCCs. For IT professionals, specialization and niche expertise will be key.Track your performance:Quantify your contributions and proactively showcase your achievements.Negotiate with confidence:Armed with industry data and your performance metrics, negotiate for a salary that reflects your value.Remember, India's salary story is evolving. Embrace the opportunities, adapt to the nuances, and take action to secure your place in this exciting wave of growth. LinkedIn News LinkedIn News

Employees in India are expected to receive the highest salary increments in the Asia-Pacific region this year, with financial services leading the way, reports Sreeradha Basu for The Economic Times, citing a Korn Ferry survey.An important factor at play is the resilience of the Indian economy amid a global economic slowdown, adds the report. According to Korn Ferry's Compensation Survey which covered 706 organisations across 13 industries, India Inc's workforce is set to see a median pay hike of 9.7% in 2024.Financial services, Global Capability Centers (GCCs) and product companies, chemicals, industrial goods, and retail industries are slated to see the highest increments of 10%. Automotive, construction and building material, life sciences and healthcare, and oil and gas, including utilities, are also sectors that are offering salary hikes more than 9%. IT services will see the lowest hikes of 7.8%, according to the survey.Even as caution regarding increasing costs rises, companies are keen to acquire and nurture essential talent through talent management initiatives and formal retention and compensation plans. In 2023, firms had a 60% higher incentive allocation for top performers compared to staff meeting expectations, and a culture that recognises and rewards exceptional performance is here to stay, adds the report.Source:The Economic Times: https://lnkd.in/gG2KJp3D✍️: Isha Chitnis📸: Getty Images

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The Illusion of Salary Hikes: Why a Higher Percentage Increase Might Still Fall ShortWhile salary hikes are intended to keep pace with rising living costs, many employees find that their real purchasing power does not improve significantly. This paradox is particularly relevant in India, where recent salary hike percentages often surpass inflation rates but still fail to deliver tangible benefits. This article explores why a seemingly adequate salary increase might still leave employees feeling financially squeezed, using recent data for context.1. Salary Hikes vs. Inflation RatesRecent data shows that salary hikes in India have generally exceeded inflation rates:2023: Average salary increase was approximately 8.5%, while CPI inflation was around 6.2%.2022: Average salary increase was about 8.2%, compared to CPI inflation of 6.7%.2021: Average salary increase was 7.5%, while CPI inflation stood at 5.1%.At first glance, these figures suggest that salary hikes are sufficient to cover inflation. However, the reality of financial pressure often tells a different story.For detailed article click on this link

Beware of the CTC Trap in India!Many companies in India use high CTC figures to lure potential employees. However, the actual take-home salary is often much lower than expected. Various components, such as bonuses, allowances, and perks, are added to inflate the CTC, making it seem more attractive than it truly is.This practice can mislead employees, leaving them feeling undervalued and financially strained. It's important for job seekers to understand the breakdown of their CTC. Ask detailed questions about each component and how it affects your net salary. Remember, a high CTC doesn't always translate to a high in-hand salary.Transparency and honesty in compensation discussions are crucial. Let's raise awareness and push for clearer salary structures to ensure fair and transparent hiring practices.#EmployeeRights#Salary_Transparency #CTC#JobSeekers #India #hiring #HR#Salary #Compensation

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Several economists have termed the Centre for Monitoring Indian Economy’s (CMIE) claim that the labour market witnessedan upward trend in employmentwith 15 million people entering the workforce between July 2022 and March 2023 sham.A fall in unemployment is not equal to a rise in employment, economists said at a two-day conference on finance and economy with the theme ‘Measuring Recovery’ organised by Centre for Financial Accountability, Economic Research Foundation and Focus on the Global South in the national capital from November 29 to 30.Most of the new jobs are driven by distress while data shows that the average earning is increasing, the economists said. But breaking the data down in different categories shows that real earnings are increasing only for casual work. In other categories, earnings are either stagnant or going down in real terms. Besides, the percentage of employers is stagnating, they said.https://lnkd.in/dbgGUXKK

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