Insurance

Earning Rs 25,000 per month? You fall under top 10% wage earners in India: Report | Economy News

Earning Rs 25,000 per month? You fall under top 10% wage earners in India: Report | Economy News
Written by Arindam

New Delhi: In India, if you make Rs 25,000 per month, you are among the top 10% of earners. According to the Institute of Competitiveness’ recent ‘State of Inequality in India’ report, the kind of a person’s work impacts their degree of income. Furthermore, barely 3% of Indians make more than Rs 25 lakh per year.

“If an amount like this is in the top 10%ile, then the worst-case scenario is unimaginable,” the paper added. Growth’s advantages should be dispersed fairly…”

Bibek Debroy, Chairman of the Economic Advisory Council, advocated a proposal to give a universal basic income to help the city’s unemployed. The information comes from the 2019-20 Periodic Labour Force Survey (PLFS).

“Inequality is an emotive topic,” Bibek Debroy said. It’s also an empirical issue, because both definition and measurement are dependent on the metre employed and the data supplied, including the timing.” “Since May 2014, the Union Government has launched a series of measures defining inclusion as the provision of basic necessities, actions that have enabled India to better survive the shock of the Covid-19 Pandemic,” he stated.

According to the survey, the share of the salaried class increases as income levels grow. 75.58 percent of people in the income range of less than Rs 5,000 are self-employed. Salaried people account for 21.6 percent of the population.

Salaried people account for 41.59 percent of those earning over Rs 1 lakh, while self-employed people account for 43.99 percent.

Casual employees account for 31.4 percent of the workforce in the Rs 20,000-50,000 range.

Males continue to earn more money than their female counterparts, according to the survey. This phenomena occurs in both urban and rural areas of the country.

“In July-September 2019, the average monthly salary of regular salaried/wage earners was Rs 13,912 for rural men and Rs 19,194 for urban males. In the same period, employed ladies in rural India earned an average of Rs 12,090, while females in urban India earned an average of Rs 15,031, according to the report.

About the author

Arindam

Leave a Comment