Financial services Current Affairs - 2019
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The Monster Salary Index report has highlighted the following findings:
- The gender pay gap is still high in India and women in the country earn 19 per cent less than men.
- Wage inequalities in favour of men are present in all the relevant sectors.
- The current gender pay gap in India stood at 19 per cent where men earned Rs 46.19 more per hour in comparison to women.
- The survey report puts the median gross hourly salary for men in India in 2018 stood at Rs 242.49, while for women it stood at around Rs 196.3.
- Gender pay gap encompasses across key industries, IT/ITES services showed a sharp pay gap of 26 per cent in favour of men, while in the manufacturing sector, men earn 24 per cent more than women.
- Even in sectors like healthcare, caring services, and social work which are notionally identified with women, men earn 21 per cent more than women.
- Only in Financial services, banking and insurance industry men earn just 2 per cent more.
- The report notes that the gender pay gap widens with the years of experience. In the initial years, the gender pay gap is moderate but rises significantly as the tenure increases and for those with over 10 years of experience, the gender pay gap in favour of men reaches the peak, with men earning 15 per cent more than women.
- The survey reports that the gap has narrowed only by one per cent in 2018 from 20 per cent in 2017.
Monster Salary Index Report was prepared by Monster India in collaboration with Paycheck.in (managed by WageIndicator Foundation) with IIM-Ahmedabad as a research partner.
Tags: Banking • caring services • Financial services • Gender pay gap • Healthcare
Union Government has signed $200 million loan agreement with Asian Development Bank (ADB) for Bihar State Highways III Project (BSHP-III). It will finance widening and upgrading of about 230 kms state highways in Bihar to all-weather standards with road safety features. Since 2008, ADB has provided four loans to Bihar amounting to $1.43 billion to upgrade about 1,453 km of State Highways and to construct new bridge over Ganga River near Patna (on completion it will be the India’s longest river bridge).
Bihar State Highways III Project (BSHP-III)
It was approved by ADB Board in October 2018. It aims at upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening and strengthening culverts and bridges. It also seeks to build institutional capacity of State for road design and maintenance and incorporate appropriate new technologies in the State’s road sub-sector. The improved roads under the Project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions and improve road safety. This loan will complement efforts of Bihar Government to upgrade all state highways to meet minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity. It will also establish State-level Road Research Institute to improve technical and management capacity of Road Agency Staff.
Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside