The average salary in the e-commerce and tech start-ups in India plunged to a five-year low of Rs 24,700 per month in 2021-22 (FY22), a new report said. This is 12.4 per cent lower than the average salary of Rs 28,200 in FY18. In FY21, the average salary in the sector peaked at Rs 31,700 per month.
According to "Jobs and Salaries Primer 2022-23", released on Tuesday, the average salary in the hospitality sector also fell to a five-year low in FY22. It fell from Rs 27,000 per month in FY18 to Rs 18,700 per month in FY22.
Another sector that saw a dip in average salary was media and entertainment. The sector saw healthy growth in salaries till FY20. Since then, the average salary there has been falling. In FY22, the average salary per month in the sector was Rs 31,700 per month. It was Rs 32,000 per month in FY18.
In the telecommunications sector, the average salary is high, but it has dipped to pre-pandemic levels. In FY22, the average salary in the sector was Rs 24,700, marginally higher than Rs 24,400 in FY18. It touched a high of Rs 29,800 in FY21.
The automobile industry also saw a dip in average salary to Rs 25,000 per month in FY22 from Rs 25,100 per month in FY18.
Some sectors, including fast-moving consumer goods, educational services and industrial manufacturing, continue to see a rise in average salaries.
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The report added that at 8.03 per cent, the average salary hike in FY23 was lower than 8.14 per cent in FY22.
"Due to socio-economic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year, yet as the Indian job market continues to evolve, we are seeing an influx of new job roles that have gained momentum from a salary perspective," said Kartik Narayan, chief executive officer (CEO) of Staffing at TeamLease Services.
Indicating a growing parity of temporary employment as compared to permanent roles, the findings in the report showed that in 41 per cent of all job roles, the difference between salaries of permanent and temporary workers is less than 5 per cent.
In terms of location, Bangalore, Mumbai, Chennai, Delhi and Hyderabad were found to be the highest-paying cities in the report.