In a recent survey conducted by Assocham it was found in metro cities most of the take-home salary of an average employee is consumed in repayment of car, housing and personal loans and is left with just about 40 per cent of his earnings.
According to the report of the survey of 5,000 employees, "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 employees from the sectors of IT, Automobile, Hospitality, Civil Aviation, Manufacturing, Gems and Jeweler are feeling the maximum pinch of EMIs from the
Assocham Secretary General D.S. Rawat pointed out, "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".
He added each month share of insurance premium amounts to be over Rs 2,500 and said over 30 per cent of employees pay out about Rs 5,000 in repaying the office loan advance taken for various reasons like construction, education and marriage.
About half of them informed at present their take-home salary is not more than 40 per cent of their total package so they are left-over with 10,000 which is spent on food, commuting costs, utilities, doctor and education bills.
According to the survey report middle class has suffered the most. It added, "Panic and depression have gripped home-loan borrowers among them particularly".
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