Indians paid 20 times less than peers in rich nations
Indian economy is growing at the rate of 8
to 9% yearly for the last few years, yet the average earning is poor compare to western countries, where the economic growth for the same period is either minimal or stagnant. This disparity of wages has been reported in the Prices and Earnings survey conducted by the Swiss banking major UBS. To arrive at the conclusion of average hourly wages, UBS used the parameters like prices of goods and services, wages, payroll taxes, working hours, and purchasing power. They surveyed 73 cities comprising all the continents.
UBS goes through this study once in every three years and publishes the result soon after. The stark difference in wages between the Asian countries (Developing) and the Western countries is beyond comparison.
Companies all over the world earn handsomely and pay the employees handsomely that is the norm. The exceptions are in developing Asian countries, which should not have occurred, because Indian companies are getting richer with every passing year. If we see the acquisition list of foreign companies by Indian companies, then it is evident that Indian companies are doing comparatively better than their western part. Money is certainly not the problem for paying less to the employees; it is the attitude of deprivation that is responsible for this huge gap.
The figures of average gross hourly earnings in some cities all over the globe looks like this. Zurich and Geneva is at the top of the list with an average hourly wage of $ 22.60 and $ 20.40 respectively. With same parameters, Delhi and Mumbai people earn an hourly wage of $1.6 and $ 1.2 respectively. Other Asian cities like Manila and Jakarta have the same fate that of Indian cities. For New York, it is $ 19.00 per hour, and for London and Los Angeles, the figure is $ 13.90 per hour.
As far as the continent is concerned, Asia and Eastern Europe stand in the figure of $ 5.5 for average gross hourly income.
India’s case is indisputably unique, since the huge economic growth for successive years continues even now. That means the employers are deliberately keeping the salary level low, as they know the work force is not a problem here.