Women in India earn 25 per cent less than men, according to a new survey.
The research conducted by Monster found that the current gender pay gap in India stands at 25 per cent. The Monster Salary Index (MSI) revealed that men earn a median gross hourly salary of Rs. 345.8, while women earn only Rs. 259.8.
The pay gap has narrowed from 2015’s figures of 27.2 per cent, but is still higher than the 24.1 per cent recorded in 2014.
The gender pay gap varies from sector to sector with the manufacturing sector at the highest at 29.9 per cent. The banking, financial services and insurance (BFSI) sector has a gap of 21.5 per cent; the technology sector stands at 25.8 per cent; and the education and research sector stands at 14.7 per cent.
The survey also revealed that 68.5 per cent of women in India feel that gender parity is still a concern and the management needs to step up and help close the gap.
Sanjay Modi, managing director, APAC & Middle East, Monster.com said, “In India, the gender pay gap story holds true and the overall gap across India Inc. is at 25 per cent.”
“This is primarily is a manifestation of the underlying diversity challenges that organisations currently face.”
“There is a dire need for tangible initiatives to bridge this pay gap with removing structural impediments to women’s growth providing access to skills training, jobs; and decision-making.”