Too many over qualified people?
Amazing that we have an excess of Engineers, CAs, MBAs. So much so that many of them are doing the work which could be easily done by lesser graduates, or even by people who have passed class XII.
One can see disguised underemployment in the private sector as well as the public sector. Mostly people joining the public sector look for ‘job security’ and in case of girls even a passport to a good ‘groom’ from a good family!
Having said that the salary structure in SBI is today very attractive – and only the top MBA colleges can boast of such a start in salaries. In fact the 1 year MBA even in the top MBA institutes (sometimes) are not able to attract this kind of a salary (officers start on Rs. 840,000 per annum), and the clerks start on a salary of about Rs. 17,500 per month – about Rs. 200,000. However the job stability, ease of transfer to any part of the country, etc. attracts a bunch of people wanting such jobs.
The number of people who applied for the SBI job is about 1700 people for every job that was on offer!!
Amazing – in fact the numbers are not very different in the private sector banks, but since they do not conduct such an open exam, the numbers are not visible to us.
Here, read on
http://www.thehindubusinessline.com/industry-and-economy/banking/sbis-officer-clerical-posts-attracting-engineering-mba-graduates/article6446549.ece
Ashal Jauhari
In India, there are only 2 course choices for kids (as per their parent’s thinking) Engg. or Medical. Everything else is useless. At least,this is what I have understood from my interaction with people over the years. 🙂
Thanks
Ashal
subra
and we have a huge shortage of carpenters, plumbers, and skilled labor
Krish
Recently seen one trend in ME. The salaries of maids, labour and technicians are going up and where as salaries for professionals from India is coming down.
VK
Overqualified is very true, but skilled? There’s a big gap there. Certainly there are people in the highly skilled bracket too, but –
I’ve had to go through many electricians to finally settle for a decent one. A carpenter did such a horrible job of furniture polishing, I took it upon myself as a DIY project! Very recently, I was shocked to see a retailer pull out a calculator to calculate 14.5% of 100…we are on a fast-track to becoming a US! Quite a few recent engeneering graduates have trouble elucidating simple statistics – std. deviation, gaussian distribution,….I ‘ve had the great fortune of interacting with MBAs who have immense trouble with basic grammar construction.
dhivya
Well said krish ji. My baby sitter got 7k salary 2 yrs ago. My cousin who finished her be last yr gets a salary of 6k now. Last heard dat baby sitter now is demanding 12 k now
SAM
My maid’s family earns around 30,000 Rs per month. Plus she has income from her paddy fields in her village. And she is a proud house owner. Does not pay income tax!
subra
but remember SAM she does pay indirect taxes. I am sure her total tax paid as a %age is less than yours, but it is far far higher than Narayna Moorthy who gets his annual Rs. 200 crores tax free as dividends. Incidence of tax – remember u read it in SyBcom?
Anish
subra sir, dividends are not tax free. they have a TDS of 15%( over and above 30% that corporates already pays on their profits minus some tax rebates). TDS has been taken from the profit that MY business earned. without that, my income( from my business) would have been greater 🙂