India

Last Update by Katie, 06 Jun 2024

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Exchange Rate

23 Jun 2024

 

Cost of Living

Indicative value for a working adult in a city: New Dehli

Publicly available data (Numbeo, etc..), verified by Marco’s in-country staff

Living Requirement Indicative Amount (INR)
McDonalds Set Meal 350
Monthly Train and Bus Tickets 1,120
3 Bedrooms Rental (City Center) 58,000
3 Bedrooms Rental (Outskirt) 28,000

Current Inflation Rate

5.09%

Wage

Minimum Wages

  • Only regulated in agriculture, mines, logistics, cleaning, and watch and ward

Median Salary

Estimated based on general positions such as HR, Accounting, Admin roles, in tier one cities.

Job Level Monthly Salary (INR)
Entry-Level
Fresh Graduate
25,000
Mid-Level
5 Years
37,500
Experienced & Managerial Level
10 Years
125,000
Specialized & Senior-Level
15 Years
> 160,000

Annual Salary Growth

3.6%

Statutory Contribution

Country Level

Type Employer Rates Employee Rates Notes
Provident Fund (EPF) 4.67% 12% All staff
Capped at monthly wages of 15,000 INR
Deposit Linked Insurance Scheme (EDIL) 0.5% - All staff
Capped at monthly wages of 15,000 INR
Pension Scheme 8.33% - All staff
State Insurance (ESI) 3.25% 0.75% All staff
Applies to companies with at least 10 staff
Salary is below 21,000 INR per month
Statutory Bonus 8.33% or 100 INR, whichever is higher - All staff
Gratuity 60% of monthly salary
Mandatory for companies with at least 10+ staff
- Gratuity Formula = (15 x Last Drawn Salary x Number of Completed Years of Service) / 26
Must 5 years of continuous service

Income Tax

Residents

  • Tax Period: 1st April - 31st March
    Tax filing start date: April
    Tax filing due date: 31st July
  • Surcharge:
    In addition to income tax, a surcharge is levied where the total income of individuals exceeds 5 million INR

Country Level

Taxable Income Rate
0 - 300,000 0%
300,000 – 600,000 5%
600,000 – 900,000 10%
900,000 – 1,200,000 15%
1,200,000 – 1,500,000 20%
> 1,500,000 30%
Taxable Income Rate
Up to 5 million 0%
Above 5 million but up to 10 million 10%
Above 10 million but up to 20 million 15%
Above 20 million but up to 50 million 25%
> 50 million 25%

Non-residents

  • Same as tax resident

Working Hours

Statutory

48 Hours
8 hours a day, 6 days a week

Typical practice

48 Hours
Monday - Saturday

Overtime

Vary across different labor law and industries, any work beyond the regular hours is considered overtime.

  • Workdays: 150% of regular hourly wage
  • Rest Days or Public Holidays: 200% of regular hourly wage

Employment Contract

Permanent

Probation

1 – 3 months, up to 1 year

Termination

  • Notice periods:
    30 days' service: up to 3 months, depending on contracts agreements and if the organisation has 100+ staff employed
  • Severance:
    - 15 days’ average pay for each year worked.
    - 6 + months' but less than 1 year service: considered as 1 year service

Public Holiday

17 days

Country Level

Date Name
25 Jan Hazrat Ali Jayanti
26 Jan Republic Day
08 Mar Maha Shivaratri
25 Mar Holi
29 Mar Good Friday
09 Apr Ugadi
10 Apr Idul Fitr
17 Apr - 17 Apr Ram Navami
21 Apr Mahavir Jayanti
17 Jun Eid al Adha
17 Jul Muharram
15 Aug Independence Day
19 Aug Raksha Bandhan
26 Aug Janmashtami
16 Sep Eid e Milad
02 Oct Gandhi Jayanti (Father of the Nation)
12 Oct Maha Navami
13 Oct Vijaya Dashami
01 Nov Diwali
02 Nov - 03 Nov Deepavali Holiday
03 Nov Deepavali Holiday
15 Nov Guru Nanak Jayanti
25 Dec Christmas Day

Leave

The number of leave & leave types depends on state-specific laws.

Leave Type Entitlement Notes
Annual Leave/Earned Leave 15 working days, varies among states and industries All staff
1 day's of leave for each completed months' service
Casual Leave (unplanned) 10 working days All staff
Sick Leave (Health Related) 7 working days a calendar year- state of Punjab
12 working days per calendar year- state of Karnataka
All staff
1 day's of leave for each completed months' service
Maternity Leave 26 weeks All expectant mothers with 80 days' service in the past 12 months

Reference

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