BFSI surpasses IT sector to become the top payer in the economy

According to the reports by the 'team-lease jobs and salaries primer', the banking, financial services and insurance (BFSI) sector is likely to pay out larger increments this year, in comparison with the increments received by the banking staff in the previous years.

With an average salary increment of 11.2 per cent, BFSI became the top sector in consideration of salary increment. The BFSI overpowered the IT sector, which had a monopoly for more than 4 years. While the report also added new sectors of ecommerce and education services to its list, along with 100 new job profiles.

While FMCG and retail sector's salary increment also rallied, the sectors hit by demonetisation including construction and real estate, automobile and industrial manufacturing among others, have seen a cut back on increments.

In most cities, with Chandigarh and Kolkata topping the list, and across seven sectors, including IT, manufacturing, telecommunications and BFSI, the difference between the salaries of permanent and temporary employees has narrowed down. Whereas, most of the cities have a double digit rate of growth in salaries, with Bangalore marginally topping the list with a 15.16 per cent salary growth rate.

While, blue collar jobs and skills relating to physical strength, fitness, written and oral communication, interpersonal skills and reflective thinking are most in demand.