India’s developing economy has led to the country’s success in the global market. They are projected to be one of the world’s most significant economic powers due to their successful partnerships and investments. Since the 2000s, their upward economic trajectory has lifted more than 90 million citizens from poverty and has provided jobs for the working population.
New Delhi, Mumbai, Calcutta, Chennai
AI, Networking Development, Algorithm designer, Cloud computing, UI designer, Coding and software skills
The top local universities in India include:
Some top jobs found in India and their monthly salary are listed below:
|Job Title||Average Monthly Salary (INR)||Average Monthly Salary (USD)|
|Financial Manager||62,700 INR||758.16 USD|
|General Manager||55,400 INR||669.89 USD|
|Business Development Manager||49,900 INR||603.38 USD|
|Business Analyst||39,400 INR||476.42 USD|
|Financial Analyst||40,400 INR||488.51 USD|
|Project Manager||35,600 INR||430.47 USD|
The payroll cycle in India is monthly.
Minimum wage in India varies per state and with industry associated. As of 2022, the national floor level minimum wage across the country is 178 INR per day.
The standard working hours in India are 9 hours per day and 48 hours per week. Including overtime, the maximum working hours must not exceed 60. Furthermore, the overtime hours per quarter must not exceed 50. Employers must compensate for the overtime at 200% of the regular hourly rate.
In India, 13th month pay is mandatory. The pay is a percentage of the salary and must be released within 8 months from the end of the financial year.
The Indian government has set statutory benefits for their employees to ensure that they get the best out of their employment. Below are some of the benefits:
|Type of contribution||Contribution|
|EPF + EPS||12%|
|Total cost on employer||15.25%|
|Type of contribution||Contribution|
|Total cost on Employee||12.75%|
|Income tax slab||Old Regime||New Regime|
|Individuals, HUF & NRIs under 60 years||Individuals & HUF between 60 to 80 years old||Individuals & HUF above 80 years old||All individuals & HUF|
|Up to INR 2,50,000||0%||0%||0%||0%|
|INR 2,50,001 – INR 3,00,000||5%||0%||5%||5%|
|INR 3,00,001 – INR 5,00,000||5%||0%|
|INR 5,00,001 – INR 7,50,000||20%||20%||20%||10%|
|INR 7,50,001 – INR 10,00,000||20%||20%||20%||15%|
|INR 10,00,001 – INR 12,50,000||30%||30%||30%||20%|
|INR 12,50,001 – INR 15,00,000||30%||30%||30%||25%|
|Above INR 15,00,000||30%||30%||30%||30%|
Health and education cess is levied at 4% of the income tax and surcharge.
VAT in India is referred to as the Goods and Services Tax (GST). Rates range from 5% to 28%, depending on the goods and services.
In India, the termination process may vary from one employer to another and mostly follows the terms indicated in the employment contract.
The notice period for employees under probation is up to 30 days. For regular employees, notice period will be up to 3 months.
Severance Pay in India varies based on duration of employment, performance and salary. Below are the rates:
|Employee Classification||Severance Pay|
|Workman||15 days’ worth of average pay for each year worked|
|Workman of a factory, mine or plantation with 100+ workers||15 days’ worth of average pay for each year worked|
|Non-worker||Determined by the employment contract|
|Employee (workman or non-worker) that is dismissed due to misconduct||No severance pay|
Foreign employees in India must secure a work visa to legally work in the country. The visa’s validity may vary from 6 months to 5 years. For investors looking into operating their business in the country, they must apply for a business visa.