Salary FAQs

Q) What is Cost to Company (CTC)?

A) The CTC includes all the tangible costs that the organization bears for you, this includes your salary, the benefits and perks.Usual components include Basic salary & the usual components, Medical benefits, Vehicle and/or maintenance, Telephone expenses, company's contribution to Provident Fund, Gratuity and Superannuation, Group insurance schemes, Leave travel benefits, Incentives and bonuses, Gifts during festivals, other annual/periodic payments if any, etc. like mediclaim, office cab facility, canteen facility etc.Thus CTC is your in hand component plus the amount the company spends for employing you. Q) What are the Components of Cost to Company (CTC) Salary?

A) The CTC components which are also part of your in-hand salary are: Basic, Dearness Allowance, Incentives or Bonuses, House Rent Allowance, Medical Allowance, Leave Travel/Concession Allowance, Conveyance Allowance, Telephone/Mobile Bill Allowance, Special Allowance. *It is not mandatory for companies to include all the above components. Components which are part of your CTC but not your in-hand salary: PF Contribution-12% of your basic pay is your PF contribution; your company also pays a similar amount as the PF contribution to your PF account. Since the company is bearing this cost for you hence it becomes a part of your CTC. The ceiling for PF contribution can be considered as 12% of 6500 i.e. in case your Basic Salary is more than 6500; your PF contribution can still be considered as 12% of 6500. Reimbursements- like your Medical bill, Conveyance Bills, Phone Bills, Book Purchase Insurance- Most of the reputed companies provide free health or life insurance to their employees and dependents. The premium paid towards such insurance policies make a part of your CTC Medical Facilities-Many companies provide free health checkup for their employees. A per employee cost for such facilities are worked out and added to your CTC component. Transport Facility- Companies might also include the cost of providing office transport to your CTC. Subsidized Meals: The cost of the subsidy provided on the meal per employee can be a part of the CTC.

Example: Basic=10000 DA= 5000 Bonus=1000 HRA=5000 Medical Allowance-1250 LTA=3000 Conveyance Allowance=800 Telephone Bill= 500 Special Allowance= 1550 As per the above calculations your in-hand (subject to tax liability) is Rs. 337,200 annually Including the other components: PF= 1560 per month (Considering 6500/- as basic for PF calculation) Reimbursement= 3000 per month Insurance= Considering the Insurance cover is for 1 lac the premium is 2000 Medical Facility= 500 per month Transport Facility= 1200 per month Subsidized Meal: If you pay Rs 15/- for per meal whereas the company contributes Rs 40/-. So the total cost in the month adds upto 40* 22=880Rs per month So the CTC now comes to 337200+87680= Rs. 424,880 annually Q) What is Provident Fund (PF) in a salary package?

A) Provident Fund was introduced to ensure a level of financial adequacy for individuals after retirement. All establishments which have 20 or more employees have to contribute towards this. The contribution is made by both the employee and the employer. Presently 12% of the Basic Pay is considered as the contribution amount for employee and employer respectively. A cap of 6500 as basic can be considered for PF calculations. An employee can withdraw up to a specified amount from his PF before retirement too. The PF account does not change on job change, the account remains the same with just the change in employer's name. Q) What is Medical Facilities in a salary package?

A) Many reputed companies house health specialist within office premises, also free health checkup facilities are extended to employees. Facilities like these can be considered as Medical Facilities. The cost of medical facility per employee is worked out on the basis of total cost incurred and the no. of employees in the company Q) What is TDS in salary package?

A) TDS stands for "Tax deducted at source", it is one of the provisions in the Income Tax to ensure regular inflow of revenue to the Government. This also helps in preventing tax evasion. Under TDS anyone who is making a payment is responsible for deducting a prescribed amount from the payment. The deducted amount is remitted to the Government account. The personnel responsible for deducting the TDS must calculate the tax payable by an employee for the year

and start deducting tax at average rate. The term salary includes wages, any annuity or pension, gratuity, any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. (These payments are covered under sec. 192 of the Income Tax Act 1961). The income from salaries is required to be computed on estimated basis at the beginning of each financial year, taking into account salaries or remuneration paid or allowed. Income Tax payable on the basis of such estimated salary income should be deducted at the rate applicable to the corresponding slab of income every month in equal installments subject to adjustments depending upon tax saving investments made by the deductee. Q) How Can I Find Average Salaries for My Profession?

A) Salary offered by companies depend on many factors like experience, location, academic excellence etc. Few organizations quote the CTC including all the direct and indirect cost the the company will incur for the position while few companies just quote the direct cost. However a close watch on the advertised vacancies on the job portals related to the profession can be of help. Q) How Can I Negotiate a Salary Offer?

A) If you are a fresher it is adviced that you refrain from salary discussions at initial stages of interview process. Most of the companies have pre-decided salary brackets at entry level. In case you feel that the salary offered is way below your expectation and industry standards; you might try to put forth the value you can bring to the company and request for a better offer so that it takes care of your financial insecurity and you can focus on the job responsibilities.It is advisable to refrain from quoting salaries of friends in other companies getting better offers, this might not settle well with the recruiter. Q) How Should I Compare Job Salaries?

A) Job salaries can be compared on the basis of location, industry, qualification, benefits and perks. There are few online tools available which can help you compare salaries. Q) What is Hardware and Networking Salary in India?

A) Hardware and Networking as a career choice can be very progressive provided you start your career with the basic certifications and constantly upgrade yourself with higher levels of certification.

A fresh graduate or hardware and networking diploma holder from recognized institutes/polytechniques with MCSE and CCNA certification; can expect to start a career at a salary of 0.96-1.20 lacs per annum. These certifications validate your knowledge of basic networking protocols, including TCP/IP; the ability to install and configure hardware, software and device drivers. Also the ability to install, configure, operate, and troubleshoot medium-size routed and switched networks, including implementation and verification of connections to remote sites

in a WAN. If you are a qualified engineer and additionally posses the basic certifications; you can start your career at 1.44-1.80 lacs per annum.

As you upgrade yourself to higher certification of CCNP with the help of which the knowledge and skills required to install, configure, and troubleshoot Cisco switches and routers in multiprotocol networks is imparted; you can expect a salary between 1.20-1.80 lacs per annum. There are a number of certifications like MCITP (Server Administrator), Red Hat(Linux Based) which can take you up the ladder as you gain more technical knowledge and on the job experience.

Q) What is Bank PO Salary in India?

A) Banking profession has always lured young graduates cause of the respect, security and attractive package n benefits it offers. IBPS (Indian Banking Personnel Selection) is responsible for conducting Common Written Examination on behalf of 19 nationalized banks in India. This examination is conducted twice a year. The banks select candidates who meet their cutoff of CWE score and clear their interview. Those selected as PO (Probationary Officers) are inducted on probation for two years and post training are assigned positions based on their performance during probation.

A screening test is conducted after the probation period and those who are able to clear the test and meet the performance standards during probation are promoted to middle managerial position. For PO; who falls short, is usually assigned a position at the junior managerial level. The best part is that; there are regular evaluation and exams conducted and individuals who perform well can very well keep attaining greater heights. Consistent performers can reach the senior managerial positions in 10-12 years.

The starting salary of a Bank Probationary Officer of a PSU bank is approximately 2.76-3.00 lacs per annum.This largely depends on the city; as the city compensatory amount for metros are higher. The salary package includes components of Basic salary, Dearness allowance, House Rent allowance and City Compensatory allowance. Other than this; the position of a Bank Probationary Officer offers you the benefits like Traveling Allowance, Medical Allowance, and Incentives etc. The perks and benefits vary as per the individual banks policy. Q) What is the salary of a CA?

A)As one of the most prestigious professions offering great career scope; a Chartered Accountants areas of expertise includes financial reporting, auditing and assurance, arbitration, corporate finance, corporate law, direct tax, indirect tax, economics, information systems audit, management accounting, risk management and valuation of businesses.

Chartered Accountants are members of Institute of Chartered Accountants of India and are subject to a published Code of Ethics and professional standards, violation of which is subject to disciplinary action. To be entitled for appointment as auditor of an Indian company under the Companies Act, 1956, it is mandatory to be a member of ICAI. A person can become a member of ICAI by taking prescribed examinations and undergoing three years of practical training (articleship).

A member of ICAI can use the title CA before their names. A member of ICAI may either be an Associate Chartered Accountant (A.C.A.) or a Fellow Chartered Accountant (F.C.A.) based on his experience.

ICAI also provides placement assistance to its members. The average salary being offered to a newly qualified Chartered Accountant (CA) in 2011 was 6.74 lacs. The highest package offered was for international posting at approx 70 lacs per annum, the highest domestic offering was at 13.92 lacs per annum. The minimum package offered was 3.27 lacs per annum.

The top recruiters in 2011 were from IT Sector, Banking and Financial Services. Q) What is the Salary of a Pilot?

A)The phrase giving wings to your career as clich as it may sound has had many youngsters dreaming of making it as the suave and attractive Pilot. As a profession it has always been presumed as one of the high paying jobs with a lot of prestige attached to it.

Career as a Pilot is a very demanding and carries huge responsibility. Technical know how, physical fitness, attention to detail, meticulous, effective communication skills, ability to stay calm under pressure all add up to making a good pilot who is entrusted with the lives of people he is flying .In India, we have both government and private players in the aviation industry and thus the demand for good pilots is always present.

To become a Pilot, one needs to have passed 10+2 with physics, chemistry and mathematics with minimum 50% score. There are a number of clubs which are recognized by the Directorate General of Civil Aviation (DGCA), wherein one can enroll to gain the knowledge and skill sets of becoming a pilot. These clubs conduct tests at three levels: Student Pilot License, Private Pilot License and Commercial Private License. At all the level one would need to meet the requirements at both theoretical and practical curriculum.

After clearing the test and acquiring the Commercial Pilot License (CPL) one can start a career as a Trainee Co- Pilot, followed by Co- Pilot (Junior) and thereon to Co-Pilot (Senior) and ultimately the Commander.

The salary package of a pilot would depend on a number of factors namely total years of experience with the airline i.e. seniority, aircrafts flown, monthly schedule, international route experience, experience of flying long haul flights etc.

To start with; the government airlines pay is as per the government pay scale which is usually 67 lacs per annum excluding other benefits. Private airlines have higher pay packages; with an average start at 15 lacs per annum. Q) What is Business Analyst Salary in India?

A) Business Analysts are much in demand in Finance/ Banking Sector, Pharma Sector, IT Sector, Insurance, Telecom and also in Research/Consultancy Companies. A business analyst bridges the gap between the business and the technical team. A business analyst needs to have skills of technical, analytic, communication (verbal and written), interpersonal / soft skills (meeting facilitation, interviewing), presentation, problem solving, modeling and business-oriented skills and industry knowledge.

In India, usually individuals who have an academic background in IT coupled with a MBA are eligible for the Business Analyst jobs. There are a few organizations though who hire candidates

who have an IT background and have good analytical skills; a degree in MBA is not mandatory for these organizations.

For a MBA fresher the salary might vary between 3-5 lacs per annum. A sound background in IT is very important for a Business Analyst role. Hence an experience in IT industry coupled with an MBA presents a very good possibility of a salary range between 6-8 lacs. Please note that salary offers are based on many factors like qualification, institute level, experience domain etc. There are many prominent IT companies and research based companies which offer very good salary packages for a Business Analyst role. Accenture, BCG, Capgemini, Cognizant,JP Morgan, Mckinsey, IBM, Deloitte to name a few. Q) What is the salary of Electrical Engineer in India?

A) Electrical engineering, deals with the study of application of electricity. An Electrical Engineer designs applications, develops and manufactures systems and devices that use electric power and signals.

The career prospect of an Electrical Engineer has continued to exhibit great potential. In India, we have the government sector, public sector as well as the private sector who offer opportunities to newly minted Electrical Engineers.

The salary for an Electrical Engineer amongst others factors is greatly influenced by the sector, the location, the institute from where one has acquired the degree.

In the government sector opportunities are usually present for the state electricity boards, railways, telecommunication which offer a starting salary of approximately 1.20 lacs per annum; excluding the government benefits like pension and gratuity. The private sector especially the businesses into power plant, manufacturing of electrical appliances, electromechanical and consultancy offer handsome salary packages ranging from 2.5 lacs 12 lacs per annum. Q) What is Software Engineer Salary in India?

A) Over the years the Indian IT industry has grown by leaps and bounds and so has the demand for qualified Software Engineers. India boosts of the best of the software engineers in the world who are associated with big brands and have been working on path breaking technologies.

There are many good institutes in the country which have produced this talent but presently we have also observed numerous engineering colleges which have mushroomed all around promising great careers to youngsters.

It is true that a fresh Software Engineer has a promising and rewarding career and can get a salary package as high as 70 lacs per annum but those are exceptions. The average salary bracket; taking into account all government recognized and private institutions is somewhere around 1.8-2.4lacs per annum.

The salary for those passing out from premier colleges like IITs, BITS-Pilani, DCE, IT-BHU, NITs is on the higher side between 6-15 lacs per annum. Q) What is Mechanical Engineer Salary in India?

A) Mechanical Engineering is concerned with the design, manufacture, and operation of components, devices, or systems. Being, one of the most sought after engineering stream in present times; Mechanical Engineering has found many takers in construction sector, heavy machinery sector, automobile industry, oil and gas sector and many more. The opportunity for Mechanical Engineers in the government and public sector is also very eminent. The salary offered to a fresh engineer would be approximately 1.80-2.4 lacs per annum.

Additionally reputed organizations also offer perks and benefits like medical insurance, travel allowance, performance incentives etc to motivate the young and talented engineering minds. Q) What is SAP Salary in India?

A) Considered as one of the high paying career options; becoming a SAP Consultant is not all that easy.

SAP is the most widely used ERP package being used for strengthening the business processes and adding value to the bottom line of the business. SAP implementation calls for both functional and technical advisors, while the functional advisor understands and interprets the business, identifies the requirement & the gap and suggests a model. A technical advisor works on the growth and the customization of the model.

There are various modules in SAP like Material Management, Human resource, Finance & Control, Sales and Distribution etc. A SAP consultant tries to work in tandem with different modules and suggest the easy integration of them in business practices.

Prior experience of the business domain accompanied by a SAP certification can offer a salary package between 5-7 lacs per annum. This largely depends on your domain knowledge and experience. SAP certification can be acquired through authorized training partners of SAP Germany. Q) What is Bank Clerk Salary in India?

A) Bank clerks play a pivotal role in carrying out the diverse functions and ensure the smooth functioning of the bank. Year over year many banks have been coming out with vacancies to meet their growing manpower requirements for clerical positions. The eligibility and the corresponding salary for a bank clerical position is decided by the Indian Bank Association(IBA) in agreement with the United Forum of Bank Unions(UFBU). The selection process comprises of written test and interview.

The salary for a newly appointed clerk would be approximately 1.58 lacs per annum to start with. The salary components are Basic Salary, House Rent Allowance, Dearness Allowance, Provident Fund and Transport Allowance. The salary for bank clerical cadre undergoes revision almost every year based on the settlement between IBA and UFBU. Q) What is Web Designer Salary in India?

A) Over the years we have found more and more takers of Indian based web designing work. The field of Web Designing is thus turning into a very promising field for designers. To be a designer, the skill set requirement is not limited to creativity, proficiency in softwares, and understanding of clients business is equally important to develop websites which are worth its salt.

Individuals can either enroll with professional institutes offering degree courses in Web Designing or pursue a full time undergraduate course of BFA to make one eligible for the Web Designer job positions.

A fresher in this field can expect an approximate salary of .90-1.5 lacs per annum to start with. As one gets experience of working for websites which appeal to the tastes of international audience, there is growth in terms of remuneration and designation and your career starts gaining traction. Q) What is the Salary of a Teacher in India?

A) It is expected that over 10 lac of new vacancies for government schools would be created in the next 3 years for the successful implementation of the Right To Education Act. To be eligible for the government school teaching positions; it has been made mandatory to clear the State Teaching Eligibility Test. It has also been proposed that B.Ed be made into a 2 year course curriculum instead of its present 1 year pattern.

Teaching always has been considered to be a very noble profession but it is disheartening to find qualified teachers being paid very low salaries by private schools compared to their counterpart in government schools.

The starting salary for a qualified B.Ed teacher in private school is approximately .72 lacs per annum; additionally private schools provide free lunches, transport and up to 50% discount in school fee of their children studying in the same school. On the other hand government schools lure with job security and a starting salary of approximately 2.16 lacs per annum including the benefits of House Rent allowance, Dearness allowance, Travel allowance and Provident Fund. The work hour at private school is also more as compared to the government schools; which is known for a more relaxed work schedule. Q) What is SEO Salary in India?

A) In an era where research seems to be equal to searching for keywords on Google and a plethora of sites promising to offer information on the searched keywords, the internet fraternity has realized the potential of Search Engine Optimization. SEO is an art using scientific tools, which calls for skills in web copy writing, knowledge of web analytics and a vast appetite for acquiring knowledge on the latest and emerging trends in search engine domain.

To enter the SEO profession there is no qualification criteria as such but yes companies prefer graduates who have an IT background. The package offered to inexperienced candidates in this domain is usually between 1.20 lacs- 1.80 lacs per annum.

The growth potential is immense in this field; what is required is your ability to expand your knowledge in the domain and keeping yourself abreast with the latest trends. Q) What is HR Salary in India?

A) As a profession Human Resources has slowly moved from being a support function to a strategic partner and found places in the board room. Talent is always a priced commodity hence individuals who work towards the acquisition and management of talent are greatly valued. Although the growth rate in this profession is slow as compared to the functional areas of marketing and technology nevertheless the respect and authority the position exhibits makes it an attractive career choice.

The start to your career in HR is greatly affected by the institute from where you acquire your degree in business administration. Those passing out from premier institutes like IIM and XLRIs find themselves to be in demand with an average salary offer of 10 lacs per annum. While fresh MBA candidates from B- level institutes might have to start their career at a salary of 1.8 lacs per annum. Q) What is DBA Salary in India?

A) The growth of internet and e-commerce has been phenomenal; generating gigantic amount of data and this growth is all set to increase manifolds. Hence the requirement for qualified DBA professional who can store, organize and manage the data in desired formats is no way going to diminish.

It is important that a promising DBA possess strong organizational skills, good logical and analytical thinking and an ability to pay close attention to finer details.

The package offered in this functional area is approximately between 1.8-2.4 lacs per annum to start with. A certification in Database Administration in addition to a degree in computer science will have higher probability of accelerated growth.

Q What is the salary for a fresh hotel management graduate in the Hotel industry?

A) Abiding by the Indian culture and belief of Atithi Devo Bhava, and fuelled by the growth of the tourism industry, the hotel industry is observing a growth rate of 15-20%.

The hospitality industry is adding the much required quotient of comfort, style and glamour to it and to keep up with the global standards; trained talent is very much in demand.

A graduation from a reputed Hotel Management institute is your ticket to the hotel industry. There are different departments in the hotels like Front Office, House Keeping, Food & Beverage Service and Food Production. After an initial training across all the departments, individuals are recruited on the basis of knowledge, skill set and interest.

The initial salary offering during training is approximately 1.20- 1.80 lacs per annum. The hotels in the five star categories offer around 2.4- 3lacs lacs per annum to fresh hotel management graduates. The opportunities in the restaurant chains like KFC, Pizza Hut, Mc Donalds is also very lucrative. Q) What is Radiologist Salary in India?

A) Like any other area of specialization in medicine, Radiology as a profession is all about hard work and perseverance. To become a qualified Radiologist one has to invest lot of time and effort towards the research and study.

A Radiologists role majorly involves performing and interpreting the diagnostic tests, namely XRay, Ultrasound, CT scan, MRI, Upper GI test, PET and nuclear medicine scans.

At present times the role of Radiologist has become more pronounced in safely administering radiation or radiological testing to perform radiation oncology, interventional radiology or image guided surgery.

In India there are two tracks of Radiologists, those with Diploma in Medical Radiology & Electrology and Diploma in Medical Radio Diagnosis (DMRE & DMRD), and the higher level Medical Doctor and the Diplomate in National Board (MD & DNB)

The starting salary of a Radiologist at the lower level is approximately 2-3 lacs whereas those at the higher level can expect a starting salary of approximately 5-7 lacs per annum. In addition to the opportunities available in the government hospital as well as private hospitals, many firms operating in the outsourced teleradiology work with client institutions in U.S. and U.K. also engage Radiologists at handsome pay packages. Q) What is Lawyer Salary in India?

A)As legend goes on, lawyers gown had pockets in the back and the ones whose cause was advocated by the lawyer used to put the money in that pocket, coz one could not put a figure to the value of justice. From pre-independence era, the law practitioners have always been looked upon with immense respect.

Over the years the face of the profession has changed drastically, as they say you can love them or you can hate them but for sure you cannot ignore them. Get involved in court cases and you realize the value of a lawyer. Hence career as a lawyer can never go out of fashion, the prospects are bright as always, provided you do not make halfhearted attempts at success.

A degree in law from premium institutes and armed with excellent communication skills, patience, good listening ability, logical thinking and ability to think on the feet will propel you to the zenith of success as a lawyer. Present times has seen numerous job opportunities for law graduates in corporate sector which offer excellent salary packages like 2.4-4 lacs per annum to start with. Private law firms also engage fresh graduates at packages of approximately 1.5 lacs per annum. One can also associate with a senior and start with private practice to have accelerated learning but the salary offered might not be very high.

The starting salaries for lawyers in India is still on the lower side, but as you add more experience and become proficient with the working of the judicial system the rewards and recognition starts pouring in. Q) What is Neurosurgeon Salary in India?

A) As a specialization in the field of medical study, neuroscience has everyone from commoners to doctors in awe. Neurosurgery in India has been gaining ground rapidly and adding so much of relief to ailing patients with neurosurgical intervention.

Career as a Neurosurgeon is fulfilling and exciting, offering great future prospects for growth. Becoming a neurosurgeon is no cakewalk though; one needs to be dedicated, committed, and compassionate and possess oodles of stamina to endure the long and stressed work hours. Most importantly one needs to be very strong with the fundamentals of medical science, refined in surgical skills with excellent technical ability and spatial coordination to excel in the field of neurosurgery.

The rigorous educational background rewards Neurosurgeons with very lucrative remunerations. Government and Public Sector can offer a salary start of around 4.8 lacs per annum with additional perks and benefits. Private Health Facilities offer a package of approximately 12 lacs per annum to start with. The remuneration rewards of venturing into private medical practice are also very attractive.