New Delhi, Sep 8 (IANS) At an average monthly pay of $400, salaries of Indian fresher graduates rank ninth out of the top 11 economies in the Asia-Pacific region, a study said on Tuesday.
Further, it is less than one-fifth of equivalent salaries in South Korea and Singapore. Only Philippines and Indonesia trail behind India in regard to a fresher’s monthly income.
According to the findings of Towers Watson, a global professional services company, further up the career ladder, Indian wages for experienced professionals at the middle management level are slightly more competitive.
The finding said an engineering manager in India earns an annual salary of $56,530 that is almost half of his counterpart in China who earns $112,070 and is just one-third of his counterpart in Singapore where the annual guaranteed pay is $151,168.
While an office service manager in India annually earns $39,266, it is nearly double in China at $77,630 with the remuneration in Singapore at $119,598.
Entrants in IT programming and quality control roles earn $5,345 in India while a person having the same portfolio in China earns $7,549. The same payment in Singapore is five-fold at $25,755 while in US, it is $40,610.
“Despite a common labour market in the region, it is striking to see how divergent guaranteed cash levels remain amongst top economies,” Tower Watson’s data services practice leader, Asia-Pacific region, Sambhav Rakyan said in a statement.
With Indian salaries featuring nearly at the bottom of the pyramid, Rakyan said it presents an opportunity for India.
“The disparity in salaries also illustrates how a large knowledge pool and a significant cost arbitrage makes India a front runner in providing outsourced services. After achieving great success in IT/BPO, India can now become a natural choice for other sectors, like manufacturing,” he said.