New Delhi, June 21:Repayment of car, housing and personal loans is leaving a hole in the take-home salary of an average employee in metro cities who is left with just about 40 per cent of his earnings, an Assocham survey said.
“Take-home salary of average employee in metros and large townships has gone down to 40 per cent from 70 per cent around 1999,” the survey of 5,000 employees said. Those feeling the maximum pinch of EMIs from the sectors include IT, Automobile, Hospitality, Civil Aviation, Manufacturing, Gems and Jewellery.
“In an average salary structure of Rs 25,000 per month , the take-home part is not more than Rs 10,000 as average employee shells out over Rs 6,000 on housing loan, Rs 5,000 loan on auto, Rs 1,500 on luxuries item,” Assocham Secretary General D.S. Rawat said.
The share of insurance premia is over Rs 2,500 each month, he said, adding that over 30 per cent employees shells out about Rs 5,000 in honoring the office loan advance on activities like construction, education and marriage.
About half of the respondents said their take-home currently is not more than 40 per cent of their total package and left-over amount of 10,000 is spent on food, commuting costs, utilities, doctor and education bills. The survey further said the worst hit is the middle class. “Panic and depression have gripped home-loan borrowers among them particularly,” it said.
–Agencies–