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Amidst concentrated efforts towards making India a <keyword id="6362048" type="ORGANIZATION" weightage="20" keywordseo="Manufacturing">manufacturing</keyword> hub,Monster.com’s Salary index suggests that Manufacturing is the lowest paid sector with a median gross salary of ₹211.7. The report highlights that despite economic growth, the median hourly salary decreased by 16.0%, going from ₹251.9 in 2014 to ₹252.1 in 2015 and 211.7 in 2016. The rate at which the salaries in the sector is dipping could pose a challenge to attract new talent entering the marketplace. 

 

 

 

 

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Manufacturing sector is the backbone for a mature economy as it fuels growth, productivity, employment and strengthens agriculture and service sectors. In India, the manufacturing output contributes about 16% to the overall Gross Domestic Product (GDP) and employs nearly 12%-13% of the labour force. Additionally, there is an ambitious target of increasing the GDP contribution of manufacturing sector to 25 per cent of by 2025. 

 

 

 

 

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 Manufacturing typically is a labour intensive sector. Taking hint from this overall structural transformation, there is an immediate need for India to marry human skills with automation in order to fulfil its ambition of becoming a manufacturing powerhouse. The focus should now be on re-skilling, upskilling, building relevant capabilities and creating jobs for the reportedly 10 million young people who enter the job market every year. At a supervisory position on an average, employees in the Manufacturing sector earn 34.7% more than their subordinates. This strong pay gap observed can be attributed to the pay gap between male and female supervisors. Manufacturing sector is the worst paid in India, however, there has been a subtle increase in the employees’ satisfaction with pay from 50.8% to 53.5%. 

 

 

 

 

 <div type="embedgroup"> <div type="Article" hostid="261" msid="59647468" title="Oyo is giving you a chance to win a fully paid trip to India, Malaysia or Nepal" rank="1.0" kind="RELATED" publishDate="Jul 18, 2017, 2:49 PM" mstype="2" mssubtype="0"></div></div> Among other job intensive sectors, the highest median gross hourly salary has been observed in the Banking, <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword>, and <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> sector at ₹433.0 in 2016, followed by IT at ₹386.8 and Healthcare, Caring services and <keyword id="67901" type="UNKNOWN" weightage="20" keywordseo="Social-work">Social Work</keyword> sector at ₹242.5. The median gross hourly salaries in Education sector stood at INR 204.1 in 2016. Salaries by sector <table align="left"><tbody><tr><td>Sector </td><td>Share of sample </td><td colspan="3">Median gross hourly wage </td></tr><tr><td>Year </td><td></td><td>2014 </td><td>2015 </td><td>2016 </td></tr><tr><td>Construction, technical consultancy </td><td>15.7% </td><td>274.2 </td><td>283.4 </td><td>288.7 </td></tr><tr><td>Education, research </td><td>6.1% </td><td>179.3 </td><td>195.0 </td><td>242.5 </td></tr><tr><td>Financial services, banking, insurance </td><td>23.3% </td><td>307.9 </td><td>307.9 </td><td>433.0 </td></tr><tr><td>Healthcare, caring services, social work </td><td>5.8% </td><td>240.6 </td><td>227.7 </td><td>242.5 </td></tr><tr><td>IT services </td><td>17.8% </td><td>343.9 </td><td>337.3 </td><td>386.8 </td></tr><tr><td>Legal, market consultancy, business activities </td><td>4.3% </td><td>259.8 </td><td>248.7 </td><td>277.1 </td></tr><tr><td>Manufacturing </td><td>22.1% </td><td>251.9 </td><td>252.1 </td><td>211.7 </td></tr><tr><td>Transport, logistics, communication </td><td>4.9% </td><td>269.4 </td><td>259.8 </td><td>257.4 </td></tr><tr><td>Total </td><td>100.0% </td><td>282.3 </td><td>277.1 </td><td>323.3 </td></tr></tbody></table>Source: WageIndicator Foundation Analysing various parameters, MSI highlights that employees in the Manufacturing sector with only secondary education earn ₹101.4 which is 62.6% less than master graduates at ₹270.8. Male employees in the sector earn ₹256.6 on an average and female employees earn ₹179.8, constituting a 29.9% gender pay gap. Additionally, wholly and partially owned foreign companies pay more than double than that of domestic companies at a median gross hourly salary of ₹349.7. This indicates that improving the gender balance in labour force participation and managing the spate of automation could be an important step for India’s development. Median hourly wage with respect to educational attainment in the manufacturing sector <table> <tbody><tr> <td> Education level </td> <td colspan="4"> Median gross hourly wage </td> </tr> <tr> <td></td> <td> 2014 </td> <td> 2015 </td> <td> 2016 </td> <td> Mean </td> </tr> <tr> <td> Secondary education </td> <td> 96.9 </td> <td> 110.7 </td> <td> 105.9 </td> <td> 101.4 </td> </tr> <tr> <td> Bachelor’s degree, three year degree or equivalent </td> <td> 230.9 </td> <td> 168.9 </td> <td> 143.8 </td> <td> 191.5 </td> </tr> <tr> <td> Master’s degree, four/five year degree or equivalent </td> <td> 264.6 </td> <td> 274.2 </td> <td> 277.1 </td> <td> 270.8 </td> </tr> </tbody></table> Source: WageIndicator Foundation

The Manufacturing sector is the lowest paid according to Monster Salary Index

As per the <keyword id="3246224" type="UNKNOWN" weightage="100" keywordseo="Monster-Salary-Index">Monster Salary Index</keyword> (MSI) data from last year, there is a shocking <keyword id="2191211" type="UNKNOWN" weightage="100" keywordseo="gender-pay-gap">gender pay gap</keyword> of 25% in India, with men earning a median gross hourly salary of Rs. 345.8, and women, only Rs. 259.8. 
 
While in 2015, this gap was 27.2% in 2015, it had fell to 24.1% in 2014. 
 
Also read: <a href="http://www.businessinsider.in/Yes-bank-survey-says-women-are-better-at-multitasking/articleshow/53446244.cms">Women multitask better than men, says Yes Bank survey</a> 
 The survey, called <keyword id="4257784" type="UNKNOWN" weightage="100" keywordseo="Women-of-India-Inc-">Women of India Inc.</keyword>, was aimed at understanding the <keyword id="6359149" type="UNKNOWN" weightage="100" keywordseo="working-women">working women</keyword> of the country and the <a href="http://www.businessinsider.in/no-women-directors-in-State-run-PSUs/articleshow/51876697.cms">issues they face</a> at their workplaces. It covered 2000 women for three broad categories of workplace, growth and safety. 
 
Also read: <a href="http://www.businessinsider.in/This-chart-shows-the-gender-pay-gap-isnt-as-bad-as-you-think/articleshow/51528169.cms">This chart shows the gender pay gap isn't as bad as you think</a> 
 
Sanjay Modi, managing director, APAC &amp; middle-east, Monster.com said, "In India, the gender pay gap story holds true and the overall gap across India Inc. is at 25%. This primarily is a manifestation of the underlying diversity challenges that organisations currently face. 
 
There is a dire need for tangible initiatives to bridge this pay gap with removing structural impediments to women's growth providing access to skills training, jobs; and decision-making." 
 <keyword id="157098" type="CITY" weightage="100" keywordseo="Delhi-NCR">Delhi-NCR</keyword> women had a 15% share, the maximum, in the women surveyed, followed by Mumbai and Bangalore at 12% each. Women from non-metro cities contributed 35%. 
 
Also read: <a href="http://www.businessinsider.in/The-gender-pay-gap-exists-even-on-eBay-Heres-how-much-less-women-sellers-earn-than-men-for-many-popular-items/articleshow/51157714.cms">The gender pay gap exists even on eBay - Here's how much less women sellers earn than men for many popular items</a> 
 
As per the survey, contribution to family income was among the top reasons of <a href="http://www.businessinsider.in/Only-39-women-in-India-are-fully-engaged-at-work/articleshow/51345368.cms">women working</a>, while a solid 25.1% felt that their reasons to work shouldn’t be asked in such surveys. 
 
Shockingly, only 14.7% women stated that their organisations have regular <a href="http://www.businessinsider.in/need-for-gender-diversity-at-workplace/articleshow/53822691.cms">gender diversity programs</a> for all employees. 
 
As per 78.1% women, safety is the key parameter while choosing a job, as over 66.4% women considered night shifts unsafe, avoiding them. 
 
(Image source: Huffington Post)

Survey reveals shocking details about gender pay gap

India’s <a href="http://www.businessinsider.in/searchresult.cms?query=gender+pay+gap&amp;sortorder=effectivedate">gender pay gap</a> in India stands at 27%, with men earning a median gross hourly salary of Rs. 288.68 per hour while their female colleagues earned just Rs. 207.85, the latest <a href="http://www.businessinsider.in/searchresult.cms?query=Monster+Salary+Index&amp;sortorder=effectivedate">Monster Salary Index</a> (MSI) said. 
 
The highest <a href="http://www.businessinsider.in/searchresult.cms?query=gender+pay+gap&amp;sortorder=effectivedate">gender pay gap </a>was recorded in the <keyword id="6395867" type="UNKNOWN" weightage="60" keywordseo="manufacturing-sector">Manufacturing sector</keyword> at 34.9%, and the lowest in the BFSI and Transport, logistics, communication, standing equally at 17.7%. The reasons were pegged as male employees being preferred over female ones, preference for promotion of male employees to supervisory positions, career breaks of women due to parenthood duties and other socio-cultural factors. 
 
The MSI report also indicated only 52.7% employees are satisfied with their pay while 75% say they’re satisfied with their job. 
 
<a href="http://economictimes.indiatimes.com/photo/50694803.cms">Image Source</a>

Gender pay gap in India stands at
27%: Report

<ul class="summary-list"><li>Bunny McFadden lives in San Francisco with her partner and two children.</li><li>Childcare costs in the area average $1,200 to $1,900 a month per child, according to Kidsdata. </li></ul>Last October, I had a breakdown over a broomstick. I'd spent the day sweeping crumbs from our nonprofit writing lab in the Tenderloin neighborhood at my day job, and when I got home, my daughter wanted to play witch. She begged me to hop on our kitchen broom and fly around casting spells on Monster Dad and Monster Brother, but I didn't have the energy for imaginative play. I didn't even have the energy to finish tidying.I moved to San Francisco last summer with big dreams and a fresh doctoral degree, ready to solve all the educational inequities I'd encounter. I screamed when I got hired as the programs director at a local nonprofit. It was my dream job, and it felt meant to be — a feeling cemented by the fact that my spouse got his tech-job offer just two hours later. From my in-laws' living room floor where we'd been living temporarily, we crunched the numbers and looked up posts about childcare costs in the Bay Area. Several prepandemic childcare indexes listed the cost per kid at <a href="https://www.kidsdata.org/topic/1849/child-care-cost/table#fmt=2358&amp;loc=2,127,347,1763,331,348,336,171,321,345,357,332,324,369,358,362,360,337,327,364,356,217,353,328,354,323,352,320,339,334,365,343,330,367,344,355,366,368,265,349,361,4,273,59,370,326,333,322,341,338,350,342,329,325,359,351,363,340,335&amp;tf=108&amp;ch=984,985,222,223">between $1,200 and $1,900 per month.</a> It's a wide range, but one that makes sense in a city with vastly different economic bands and neighborhoods.We lucked out and found an apartment that cost about a third of our income, and then we moved with a hope and a prayer that we'd find childcare. The lease is one of the few things I don't regret about moving here. <h2>Five minutes away, there was a co-op of in-home daycares</h2>They had two openings. Like every place in the city I've encountered so far, they explained they couldn't give us the cost of tuition over the phone but they'd be happy to offer us a tour. The old Victorian was under construction, and the garden unit would open as a preschool in the fall. The director explained that this was their innovative solution to the biggest obstacle facing childcare providers in The City by the Bay. Rent was too expensive, so this center not only leased apartments but paid each teacher a salary to run their own in-home daycare. Each floor had two apartments, and as children grew older, they graduated upstairs. My daughter and son would be in the same building. <h2>It felt like a dream — all for the cost of $2,500 a month, per kid</h2>The cost made our eyes bulge out. We hesitated but worried there weren't any other places with flexible hours, nearby, and with two openings. My job started in two weeks. At least their teachers were in stable housing and had decent wages.We couldn't afford the deposit of one month's tuition, but we made a deal to pay increments throughout the fall. My job promised no less than a 6% salary bump each year, and my spouse would get a holiday bonus. Plus, it'd be cheaper when my daughter turned three years old that December. By the time October hit, our finances were so confusing it took me a whole Saturday to sort out our budget. Earlier that week, I'd had a soft breakdown over how exhausted I was working more than 40 hours a week at my rest break-exempt director job. When you're salaried, you sometimes end up working more but there's no overtime. There was so much need for my nonprofit that I felt guilty for putting any work boundaries up. (<a href="https://www.businessinsider.com/i-felt-overworked-alienated-at-a-nonprofit-so-i-quit-2022-2">In the nonprofit world, I'm not alone in that</a>.) Once I sat down and looked at my paycheck after insurance and taxes, I realized something: We were paying more in childcare than I took home. I was paying to work. <h2>I was paying to be so exhausted I couldn't play with my own kids</h2>I felt selfish and guilty, but by then, it was too late.Student-loan payments were set to start in January, and I couldn't just leave my job. Plus, I found out something devastating: I had precancerous cells in my uterus and I needed a hysterectomy. I had to keep my job; the health insurance was honestly really good at the nonprofit. So I started brainstorming what else I could do to justify it, and I found my answer from a writer friend at a Hanukkah party. I could write. Using networks, social-media posts, and cold pitches, I've managed to keep things afloat. I still haven't paid off the medical debt from my surgery, but I'm relieved because it could have been much higher. I even got to write about it for an article.<h2>But I'm more tired than ever</h2>The cost of living keeps rising, and I have to work an extra 10 hours a week minimum freelancing just to pay for childcare in the city. At school, my children have friends. They come home singing songs I don't even know. They teach me the games I've forgotten. They play so hard they crash early in the evening, happy and tired. And then I open my laptop and get back to work.

I work an extra job because childcare costs more than my salary. It's either that or give up my career.

The latest Monster Employment Index shows <keyword id="137407" type="UNKNOWN" weightage="20" keywordseo="online-recruitment">online recruitment</keyword> activities in the month of July registered a y-oy growth of 19 percent. 
	 
	The IT sector which was facing the brunt of extensive job cuts is charting a positive trend this month, witnessing a y-o-y growth of 51 percent. Additionally, with the constant impetus of the government on the education sector since the beginning of the year, the industry is witnessing its hay days. The education sector is exhibiting a steep upward trend with a y-o-y growth of 74 per cent, surpassing all the other sectors. 
	 

	At the occupational level, online demand for healthcare professionals has shown a steep rise of 46 percent closely followed by demand for customer service experts (41 percent). It is, however, surprising to see a decline if demand for senior management. From a 50 percent y-o-y growth last month, the online demand for senior management is declined to a 38 percent in July. 
 <keyword id="105051" type="PERSON" weightage="20" keywordseo="Sanjay-Modi">Sanjay Modi</keyword>, Managing Director at Monster.com for the APAC &amp; Middle-East region said, “Commenting on the latest trends, Sanjay Modi, Managing Director, Monster.com, APAC &amp; Middle-East said, “The month of July started on a positive note with the Monster Employment Index (MEI) registering a 2 points jump from the previous month. Online recruitment activities have started showing an upward trend, overall the pace has been significantly moderated this year. The IT sector has made a notable comeback with the online recruitment activities going up by 51 percent since last month. A latest report by <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">NASSCOM</keyword> quoted a decline in IT jobs due to automation, MEI figures clearly show that the sector is slowly reviving from the long term deceleration." 
	 
	"The sector today is increasingly moving towards demand for people with specialized skill set, owing to extensive digitization of manual processes. Apart from IT, the frontrunner has been the education sector, charting a constant double digit growth figure. The sector is performing exceptionally well owing to a slew of government initiatives in the beginning of the year,” he added.
 

	He further said, “There has been a significant decline in the demand for senior management since the last month. This can be further attributed to stringent cost cutting across various industries, owing to which companies are investing increasingly on low cost bearing employees at the lower level as opposed to high salaried senior level employees. Overall, there is an atmosphere of impending optimism in the coming months in the Indian job market.”

Online recruitment activity in India grows by 19%, IT registers 51 per cent Y-o-Y growth: Monster Employment Index

<ul><li>According to the Monster Salary Index, employee satisfaction with regards to pay dropped by almost 22%. </li><li>Despite that, three in four employees in India are satisfied with their jobs. This includes employee relations with peers and senior management, shows the <keyword id="8330817" type="UNKNOWN" weightage="20" keywordseo="monster-survey">Monster survey</keyword> </li><li>The consumer confidence on <keyword id="47201" type="COMPANY" weightage="20" keywordseo="income">income</keyword>, employment and spending declined to six-year low in September, as per Reserve Bank of India (RBI).</li></ul>India’s <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword> is eating into the income of salaried employees. According to the Monster Salary Index, employee satisfaction with regards to pay has dropped by almost 22%. The slowdown caused job cuts, delayed salaries, decreased <keyword id="632631" type="PERSON" weightage="20" keywordseo="hiring-sentiment">hiring sentiment</keyword> and resulted in fewer increments. The consumer confidence on income, employment and spending declined to six-year low in September, as per <a href="https://m.rbi.org.in/Scripts/PublicationsView.aspx?id=19332">Reserve Bank of India </a>(RBI). The net headcount of public sector companies dropped by 2.6% year-on-year in 2019. Employees are not too confident of their income increasing either year. However, almost half of the respondents expect it to increase in the coming year. “Analysing employees’ job satisfaction-levels is essential to understand and measure the perceived quality of working conditions. This is pivotal as the working population spends close to 1/3rd of the day at work,” Krish Seshadri, CEO, Monster.com, APAC &amp; Middle East said. Despite the anger over salaries, three in four employees are satisfied with their jobs. This includes employee relations with peers and senior management, as per the survey. Across industries, employees in the construction and technical consultancy, healthcare, caring services and social Work, information and communication technology services, legal and market consultancy and business activities sectors are highly satisfied with their jobs. ICT services witnessed the highest growth in terms of satisfaction amongst all recorded sectors. The survey analysed data between January 2016 to December 2018. The wage analysis is based on data collected from Paycheck.in, the Salary Calculator and Monster Salary Index from the period. See also: <a href="https://www.businessinsider.in/careers/news/hiring-managers-reveal-a-big-reason-for-high-unemployment-in-india/articleshow/71970122.cms">Hiring managers reveal a big reason for high unemployment in India</a> <a href="https://www.businessinsider.in/careers/news/employers-want-gurus-and-ninjas-while-employees-remain-thinkers-and-starters/articleshow/72037100.cms">Employers want ‘Gurus’ and ‘Ninjas’ while employees remain thinkers and starters</a>

Indians are unhappy with their pay but satisfied with their jobs

<ul><li>The number of salaried <keyword id="32919" type="PERSON" weightage="20" keywordseo="women-employees">women employees</keyword> in the urban workforce has increased by 2.1%, compared to 1.5% amongst men, according to the <keyword id="3429286" type="PERSON" weightage="20" keywordseo="Periodic-Labour-Force-Survey">Periodic Labour Force Survey</keyword> (PLFS) released by the National Statistical Organisation (NSO). </li><li>The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. </li><li>The unemployment rate dropped to 11.6% among women against 12.8% in June last year. </li><li>According to the Monster Salary Index, women earn 19% less than men in India. </li></ul>Fewer Indian women are a part of its labour market. But their participation seems to be growing at a faster rate than that of men. Salaried women employees in the urban workforce increased by 2.1% as compared to 1.5% among men, according to the <a href="https://economictimes.indiatimes.com/jobs/rise-in-salaried-workers-women-fare-better-nso/articleshow/72217767.cms?from=mdr">Periodic Labour Force Survey (PLFS) </a>released by the National Statistical Organisation (NSO). The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. However, the survey also says that unemployment is higher among women. The rate of unemployment in women dropped to 11.6% as against 12.8% in June last year. But it is yet to match that of men where unemployment rate is at 8.7%. <keyword id="2191211" type="PERSON" weightage="20" keywordseo="gender-pay-gap">Gender pay gap</keyword> remains However, the pay gap remains an area of concern for the government and organisations. According to the<a href="https://www.businesstoday.in/current/economy-politics/gender-pay-gap-still-high-women-in-india-earn-19-per-cent-less-than-men-report/story/325378.html"> Monster Salary Index,</a> women earn 19% less than men in India. The online job search platform shows that the gender pay gap widens with higher skill level but exist all across. This could be one of the many reasons why women participation in the workforce is low. Even after five years, merely 22% of the females between the age bracket of 15-30 years are expected to enter the labour force, according to the <a href="https://indianexpress.com/article/india/skills-study-over-next-5-years-just-1-in-5-entrants-to-labour-force-a-woman-6127848/">National Skills Development Corporation</a>. That means, of the 59 million people who enter the job market, only one in five will be women. Education Statistics Though fewer women are expected to work, there has been no change in women who are keen on an education. Female participation at the higher secondary level stood at 70.8% over the last decade. But this is changing as the skill levels increase. The share of women in engineering and management courses dropped in 2018, the survey highlighted. While the students enrolling in vocational courses rose by 3.9% in the last four years. See also: <a href="https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms">Unemployment in India highest among urban youth, says government data</a> <a href="https://www.businessinsider.in/male-workforce-is-reportedly-shrinking-in-india-reveals-job-survey-by-nsso/articleshow/68498030.cms">Male workforce is reportedly shrinking in India, reveals job survey by NSSO</a> <a href="https://www.businessinsider.in/business/news/over-200-economists-academicians-ask-govt-to-release-nsso-data-reports/articleshow/72172989.cms">Over 200 economists, academicians ask govt to release NSSO data, reports</a>

More women are drawing salaries in India but the gender pay gap persists

Why does everything cost so much? Because businesses are 'hiding behind inflation to jack up prices.'

The <keyword id="46964" type="ORGANIZATION" weightage="100" keywordseo="IT-sector">IT sector</keyword> in India is considered among the most undiscriminating sectors when it comes to gender. But the reality is that the salary difference between men and women is almost one-third. 
 According to industry body <keyword id="6372077" type="CITY" weightage="100" keywordseo="Nasscom">Nasscom</keyword>, this is because fewer women get promoted to supervisory roles. Typically, a male employee earns a gross salary of Rs 359.25 an hour, whereas a female employee earns only Rs 254.04. With more number of career breaks in their job profile, the negotiating capacity of women in the labour market declines, as per the ‘Monster Salary Index India IT Sector Report 2014,’ The report was released at the Nasscom HR Summit, 2014, in Chennai. 
 
"The information is factual but that does not mean that there is a disparity," said Nasscom president R Chandrasekhar. He said the IT sector had 65% of women at the entry level, while the mid-management and senior management had 27% and 9%, respectively. 
 
Chandrasekhar also pointed women find it harder to accumulate tenure due to family obligations. "Women are paid equally when they come back, but due to the break, their bargaining power is less at times." 
 Tata Consultancy Services, one of the largest recruiters in the country, said it does not discriminate on the basis of gender. "<keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword> is an equal opportunity employer. As per the Tata code of conduct, we do not discriminate on the basis of gender, religion, ethnicity and culture," said a TCS spokesperson. Around 32.7% of the employees at TCS are women. 
 
Sucharita Palepu, the global head of people policies and practices at Tech Mahindra, said, "Tech Mahindra's compensation philosophy is to pay for 3 Ps - Position, Person (based on qualifications, experience and skills) and Performance and this philosophy is applied uniformly to associates from both genders." she said.

Female Employees In IT Sector Paid 33% Less Than Their Male Counterparts

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://www.flickr.com/photos/chillmimi/7885047912/">Flickr/Petra</a></div></div>Today's young people can retire comfortably with $1 million in the bank. All it takes is starting early, spending 15 minutes a year rebalancing their portfolio, and avoiding financial professionals who are mostly concerned with making themselves money.
At least that's the message of William Bernstein, cofounder of investment management firm Efficient Frontier Advisors, who recently published the short ebook "<a href="http://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1399384901&amp;sr=1-1&amp;keywords=if+you+can" target="_blank">If You Can: How Millennials Can Get Rich Slowly</a>."
It clearly resonates. The book, <a href="https://dl.dropboxusercontent.com/u/29031758/If%20You%20Can.pdf" target="_blank">available for free on his website</a> and <a href="http://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1399384901&amp;sr=1-1&amp;keywords=if+you+can" target="_blank">for 99 cents on Amazon</a>, is being snapped up by readers, and a <a href="http://www.nytimes.com/2014/05/04/your-money/a-path-to-retirement-for-those-far-from-it.html?src=me&amp;ref=general" target="_blank">New York Times story</a> about Bernstein has spent the last several days at the top of the publication's most emailed list.
The popular interest seems to be a combination of older people sharing the text with their young family members and unspoken anxiety about saving for retirement, Bernstein tells Business Insider. "Of course, what I'd really like to believe," he says, "is that I've successfully stoked latent public outrage over a retirement system that somehow expects the folks who teach our kids and flip our burgers to somehow, against all odds, manage their retirement portfolios." So how can you get rich slowly? Here's some of Bernstein's advice, excerpted from the <a href="http://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1399384901&amp;sr=1-1&amp;keywords=if+you+can" target="_blank">ebook</a> with his permission:
*** 
Would you believe me if I told you that there's an investment strategy that a seven-year-old could understand and that will take you 15 minutes of work per year, outperform 90% of finance professionals in the long run, and make you a millionaire over time? 
Well, it is true, and here it is: Start by saving 15% of your salary at age 25 into a 401(k) plan, an IRA, or a taxable account (or all three). Put equal amounts of that 15% into just three different mutual funds: 
<ul>
<li>A U.S. total stock market index fund</li>
<li>An international total stock market index fund</li>
<li>A U.S. total bond market index fund </li>
</ul>
Over time, the three funds will grow at different rates, so once per year you'll adjust their amounts so that they're again equal. (That's the 15 minutes per year, assuming you've enrolled in an automatic savings plan.) 
That's it; if you can follow this simple recipe throughout your working career, you will almost certainly beat out most professional investors. More importantly, you'll likely accumulate enough savings to retire comfortably. 
<h3>But You're Still Screwed </h3>
<div class="KonaFilter image-container float_right" style="width:400px"><div class="image on-image">William J. BernsteinInvestment advisor William Bernstein</div></div>Most young people believe that Social Security won't be there for them when they retire, and that this is a major reason why their retirements will not be as comfortable as their parents. Rest assured that you will get Social Security; its imbalances are relatively minor and fixable, and even if nothing is done, which is highly unlikely in view of the program's popularity, you'll still get around three-quarters of your promised benefit. 
The real reason why you're going to have a crummy retirement is that the conventional "defined benefit" pension plan of your parents' generation, which provided a steady and reliable stream of income for as long as they lived, has gone the way of disco. There's only one person who can repair the gap left by the disappearance of these plans, and you know who that is. Unless you act with purpose and vigor, your retirement options may well range between moving in with your kids and sleeping under a bridge in the rain. 
Further, the most important word is the IF in the above "if you can follow this simple recipe," because, you see, it's a very, very big if. 
At first blush, consistently saving 15% of your income into three index funds seems easy, but saying that you can become comfortably well-to-do and retire successfully by doing so is the same as saying that you'll get trim and fit by eating less and exercising more.
People get fat because they like pizza more than fresh fruit and vegetables and would rather watch Monday night football than go to the gym or jog a few miles. Dieting and investing are both simple, but neither is easy. (And I should know, since I've been much more successful at the latter than at the former.) 
In your parents' day, the traditional pension plan took care of all the hard work and discipline of saving and investing, but in its absence, this responsibility falls on your shoulders. In effect, the traditional pension plan was an investing fat farm that involuntarily limited calorie intake and made participants run five miles per day. Too bad that, except for the luckiest workers, such as corporate executives and military personnel, these plans are disappearing. 
Bad things almost inevitably happen to people who try to save and invest for retirement on their own, and if you're going to succeed, you're going to need to avoid them. To be precise, five bad things - hurdles, if you will - must be overcome if you are to succeed and retire successfully: 
<h3>Hurdle number one</h3>
People spend too much money. They decide that they need the newest iPhone, the most fashionable clothes, the fanciest car, or a Cancun vacation. Say you're earning $50,000 per year, 15% of which is $7,500, or $625 per month. 
In this day and age, that's a painfully thin margin of saving, and it can be wiped out simply by stringing together several seemingly innocent expenditures, each of which might nick your savings by $100 or so per month: a latte per day, a too-rich cable package, an apartment that's a little too tony, a dress or pair of brand-name sneakers you really don't need, a few unnecessary restaurant meals and, yes, an excessive smart phone plan you could, if you had to, not only live without, but also function better without. 
Life without these may seem spartan, but it doesn't compare to being old and poor, which is where you're headed if you can't save. You might even save the whole $625 in one fell swoop just by living with a roommate for a while longer, instead of renting your very own place. Again, as bad as having a roomie may be, it's not nearly as awful as living on cat food at age 70.
Let's assume you can save enough. You're not home free, not by a long shot. You've got four more barriers to get by.
<h3>Hurdle number two</h3>
You'll need an adequate understanding of what finance is all about. Trying to save and invest without a working knowledge of the theory and practice of finance is like learning to fly without grasping the basics of aerodynamics, engine systems, meteorology, and aeronautical risk management. It's possible, but I don't recommend it.
I'm not suggesting that you need to get an MBA or even read a big, dull finance textbook. The essence of scientific finance, in fact, is remarkably simple and can be acquired, if you know where to look, pretty easily. (And rest assured, I'll tell you exactly where to find it.) 
<h3>Hurdle number three</h3>
Learning the basics of financial and market history. This is not quite the same as the above hurdle; if learning about the theory and practice of finance is akin to studying aeronautics, then studying investing history is akin to reading aircraft accident reports - something every conscientious pilot does. 
The new investor is usually disoriented and confused by market turbulence and the economic crises that often cause it; this is because he or she does not realize that there's nothing really new under the investment sun. 
A quote often misattributed to Mark Twain has it that "History doesn't repeat itself, but it does rhyme." This fits finance to a tee. If you don't recognize the landscape, you will get lost. Contrariwise, there's nothing more reassuring than being able to say to yourself, "I've seen this movie before (or at least I've read the script), and I know how it ends." 
<h3>Hurdle number four</h3>
Overcoming your biggest enemy - the face in the mirror - is a daunting task. Know thyself. Human beings are simply not designed to manage long-term risks. Over hundreds of thousands of years of human evolution, and over hundreds of millions of years of animal development, we've evolved to think about risk as a short-term phenomenon: the hiss of the snake, the flash of black and yellow stripes in the peripheral vision.
We were certainly not designed to think about financial risk over its proper time horizon, which is several decades. Know that from time to time you will lose large amounts of money in the stock market, but these are usually short-term events - the financial equivalent of the snake and the tiger. The real risk you face is that you'll be flattened by modern life's financial elephant: the failure to maintain strict long-term discipline in saving and investing. 
<h3>Hurdle number five</h3>
As an investor, you must recognize the monsters that populate the financial industry. They're very talented chameleons; they don't look like monsters; rather, they appear in the guise of a cousin or an old college friend. They are also self-deluded monsters; most "finance professionals" don't even realize that they're moral cripples, since in order to function they've had to tell themselves a story about how they're really helping their customers. But even if they're able to fool others and often themselves as well, make sure they don't fool you. 
Only if you can clear all five of these hurdles can you successfully execute the deceptively simple "three fund strategy" I've outlined above.
This excerpt is from "<a href="http://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1399384901&amp;sr=1-1&amp;keywords=if+you+can" target="_blank">If You Can: How Millennials Can Get Rich Slowly</a>" by William Bernstein.

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