However, the amount of wage theft in each country due to different labor rights is not included in these statistics. The OECD is a weighted average based on dependent employment weights in 2013 for the countries shown. Average annual wages per full-time equivalent dependent employee are obtained by dividing the national-accounts-based total wage bill by the average number of employees in the total economy, which is then multiplied by the ratio of average usual weekly hours per full-time employee to average usually weekly hours for all employees.Īverage wages are converted in US dollar nominal using 2013 US dollar nominal for private consumption and are deflated by a price deflator for private final consumption expenditures in 2013 prices.
Only 20 per cent rural households reported to be associated with Self Help Groups.The OECD (Organization for Economic Co-operation and Development) dataset contains data on average annual wages for full-time and full-year equivalent employees in the total economy.
Besides, one-fourth rural households cannot use an ATM independently and 60 per cent of rural households cannot use mobile banking as they needed help to use it. 20 per cent agriculture households got pension.Īround 49 per cent of total rural households report savings in financial institution and around 53 per cent of agriculture households save in financial institution. Pension is another social security scheme to provide income support to rural households, but only 19 per cent of rural households get any kind of pension. The health insurance among agriculture households was lowest (5 per cent) among rural population. Only 6 per cent of rural households have health insurance. Only 5 per cent and 2 per cent of rural household have vehicle and accidental insurance respectively, said the survey. Out of the total rural households, only 26 per cent of agriculture households have any kind of insurance. Only one-fourth of the total rural households have any kind of insurance such as life insurance, vehicle, accident or health insurance. On an average, rural households have a debt of Rs 91,852. It also states that financial institutions do not prefer to lend in rural areas and they prefer to give the least they can. It clearly shows that one-third of rural households, which require the most support, are weaned away from financial inclusion. The average loan per household from non-institutional sources is Rs 63, 645 whereas average loan from financial institution is Rs 28, 207. Although around 60 per cent of households take loans from financial institutions, the average amount of loan from non-institution is more than double than any financial institution. Gujarat, Maharashtra, Telangana, Jammu and Kashmir and Himachal Pradesh are the most indebted households.Īround one-third of total households take loan from money lenders and other non-financial institutions. The survey shows that 41 per cent of rural households are indebted, of which majority (43 per cent) are agriculture households. While cultivation is still a major source of income (35 per cent), followed by daily wage labourer (34 per cent), livestock rearing contributes only 8 per cent of their income. It was conducted in more than 40,000 households from 245 districts in 29 states. Launched in 2016-17, NAFIS is a national level survey that offers a comprehensive overview of the rural population in terms of their status of livelihoods and level of financial inclusion. This income would actually be lesser if food inflation is included. This is calculated by comparing the NABARD report with a 2012-13 study by the National Sample Survey Organization (NSSO), another government body that estimated the average monthly income of farm household at Rs 6,426. What is shocking is that in the past four years, the income of a farm household has increased by just Rs 2,505/month. Apart from a paltry income, farmers are facing rising indebtedness, lesser financial inclusion, and absence of insurance facility, according to the report. The NABARD All India Rural Financial Inclusion Survey (NAFIS) shows that average agriculture household income was a mere Rs 8,931 per month in 2016-17. A latest report by the National Bank for Agriculture and Rural Development (NABARD), a government agency, again, shows the vulnerability of Indian agriculture households.
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