Temporary workers in manufacturing get 5.6% annual pay raise in FY21-24
manufacturing sector recorded a steady 5.6% compound annual growth rate (CAGR) in compensation for contractual workers between fiscal years 2021 and 2024, according to the findings of a TeamLease Services report released on Monday.
This rise is attributed to inflation, the growing demand for skilled labour and the need for competitive pay to address high attrition rates, said the report, titled ‘A Staffing Perspective on Manufacturing’.
The report sheds light on the challenges and opportunities facing the contractual workforce as the sector aims for a $1 trillion valuation by 2025-26.
It highlights how diverse industries — like automotive, chemical, electronics, machinery and equipment, and textile — play a crucial role in employment and economic development, and drive growth in manufacturing.
It also underlines significant gaps in skills, gender representation and retention.
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