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| Indians earn 20 times less than developed world peers |
| Press Trust of India / New Delhi Aug 19, 2009, 20:30 IST |
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Indians might be known for their hard work but when it comes to their wages, they are paid nearly 20 times less than their counterparts in developed nations like the US and Switzerland.
According to 'Prices and Earnings' study by Swiss banking major UBS, workers in New Delhi and Mumbai earn an average net salary of $1.6 and $1.2 per hour, respectively.
In contrast, Swiss cities — Zurich and Geneva — have topped the charts with the highest average net incomes in the world of as much as $22.60 and $20.40 per hour.
"Swiss workers earn the most. Zurich and Geneva top the rankings in our international comparison of wages. By contrast, the average employee in Delhi, Manila, Jakarta and Mumbai earns less than one-fifteenth of that amount," the report stated.
Workers in the US also earn at the higher end of bracket with people in New York earning an average salary of $19 per hour, while those in Los Angeles get $13.90 per hour. Workers in London receive an average net wage of $13.90 per hour, it added.
In terms of the gross hourly wages, workers in Western Europe and North America have the highest gross hourly wages averaging at $20.2 and $21.0 respectively, the survey said.
While, in Asia and Eastern Europe, workers receive an average of $5.5 per hour before taxes and social security contributions are deducted from the salary.
Every three years, UBS economists publish Prices and earnings report, which is a global review of the prices of goods and services, wages, payroll taxes, working hours and purchasing power in 73 cities on every continent.
The survey also pointed out that earnings do not just differ from country to country but also vary between employers within a single city.
However, the earnings gap between public and private-sector jobs is particularly stark in emerging and developing countries, it added.
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