Are you over-paid or under-paid? Find out!

Job-seekers and working individuals can now compare their salaries to their industry peers, to gauge whether they are over-paid or under-paid.

Online career and recruitment solutions provider Monster India, in association with www.paycheck.in (managed by Wage Indicator Foundation) announced the launch of the 'Monster Salary Index', an industry benchmark in collaboration with Indian Institute of Management, Ahmedabad (IIM-A) as research partner.

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The Monster Salary Index aims to provide information on salaries, labour market data and relevant content concerning labor law and careers. 

The Monster Salary Index aims to empower jobseekers with benchmarking to compare their salaries with millions of anonymous profiles across a broad spectrum of industry domains/ experience/ functional groups both in India and other global markets.

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The initiative offers those currently employed, employers and trade unions with information related to salary, working conditions, minimum wages and other work-related issues.

Sanjay Modi, Managing Director, Monster.com (India, Middle East, South East Asia) said, "Our customer research and market studies over the years indicate a strong need for a benchmark that provides both employers and job-seekers with comprehensive information pertaining to labour market and salary trends from a single source. Candidates can also view this information to get an idea of how much will their prospective employer can pay them."

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At the core of the Monster India Salary Index is an online Salary Survey launched by the Wage Indicator Foundation and Paycheck.in in 2005, with IIM-A as research partner, to understand and develop salary and wage indicators for the Indian market.

This salary survey helps in understanding the Indian market and benchmarking against other countries to draw comparisons.

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The Wage Indicator Foundation surveys cover 70 countries. By working together with Paycheck.in and Monster India, the foundation will be able to provide wider coverage for the salary survey.

The service is available free of cost.

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To get a salary comparison, job-seekers are needed to give details of their profession, current salary and working hours.
This will be reworked every six months. Biju Varkkey, professor of IIM-A who is involved at the project said that IIM-A researchers are handling the India data where raw data is filtered to rid it of extremes.

Especially, in age groups where adequate data is not available, IIM-A researchers have used constant multipliers to correct and smoothen the data.

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Pauline Osse, Director WageIndicator Foundation said, "It is the perfect example of how a systematic research and dissemination approach on salaries and labor law is benefiting many people in need for a good benchmark in order to take a wise decision."

Going forward, Modi explained that in the next phase, they would open this service to offer customised content on salaries to corporates. Monster India is planning to popularise this segment by raising awareness on social media.