The problem of Gender Pay Gap — the average difference of wages between a man and a woman doing the same job — is really disappointing in India. According to a recent study by World Economic Forum, India stands at a very low rank of 87 in the Global Gender Gap Rankings among 135 countries in total.
In the meantime, a survey by VCCircle has shown that women in India earn much less than the men. The survey looked at the annual compensation figures available with corporate database Capitaline in order to find out the gender pay gap between men and women in India.
Two separate categories have been created for that: one is for promoter-directors and another for non-promoter executives.
According to the surveyed companies' annual reports for the financial year through March 2017, the highest-paid woman executive is Renu Karnad, the managing director of HDFC Ltd.
Among the top 10, she earns Rs 9.51 crore (approximately $1,46 million) as per 2016-17 report, while the highest-paid executive among men — Larsen & Toubro Group Chairman AM Naik — earns Rs 78.91 crore (around $12.13 million) per year.
Among the promoter group families, Sun TV Network Executive Director Kavery Kalanithi and her husband and Sun TV Network Chairman Kalanithi Maran topped the list as they earn Rs 77.93 crore (around $10.76 million) per year.
While Kavery Kalanithi is the only woman to earn more than Rs 70 crore per year, all the other women earn less than even the 10th-highest-paid man in the executive category — Hindalco MD Satish Pai.
Besides Renu Prasad, other top five highest paid female executives are — Chanda Kochhar (MD and CEO, ICICI Bank), Shikha Sharma (MD and CEO, Axis Bank), Ashu Suyash (MD and CEO, Crisil), Bina Engineer (ED, Sanghi Industries) and Debarati Sen (MD, 3M India).
Meanwhile, the list proof that women can easily find growth in the sector of banking and finance. After all, five of the top 10 highest-paid female executives head banks or financial institutions.