Updated March 27th, 2024 at 21:42 IST

Top 20% of Urban Company partners earn 50% more than entry-level IT employees in India: Survey

Service partners who deliver more than 30 services in a month earned an average of Rs 33,469 per month net of all commissions, fees, travel and product costs

Reported by: Business Desk
Urban Company | Image:Urban Company
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UC Trends: Service partners delivering over 30 services in a month, or 1 service a day earned an average of Rs 33,469 per month, excluding commissions, fees, travel and product costs in the first half (H1) of calendar year 2023, as per Urban Company’s Partner Earnings Index for the second half (H2) of calendar year CY23.

The sixth edition of the index, audited by JC Bhalla & Company, reflects a 16 per cent increase in partner earnings for the period of Oct-Dec quarter of calendar year 2021,  to Oct-Dec of calendar year 2023.

Partner earnings have jumped in the range of 13-18 per cent over Oct-Dec 2021 since the first edition of the Earnings Index, Urban Company said.

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The index also showed average monthly earnings of the top 20 per cent of UC service partners is Rs 42,792, net of all commissions, fees, travel and product costs. 

These earnings are about 50 per cent higher than the average earnings in an entry-level IT job in India as per Talent.com, with the average cost to company (CTC) of IT freshers in India being at Rs 3.47 lakh.

Gig workers on food delivery platforms earn Rs 13,581 on average, net of all costs as per the latest NCAER report published in August 2023.  

In comparison, Urban Company said its service partners earn over 82 per cent more than gig workers on food delivery platforms.
Moreover, female partners earn 23 per cent more than their male counterparts on the platform, with the average hourly earnings of female partners net of all commissions, fees, travel and product costs is Rs 363.

The same for male partners stood at Rs 294.

In terms of insurance, UC said it has disbursed Rs 5.51 crores of insurance claims to over 1900 service partners in CY23.

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Partners also availed  Rs 31.16 crores worth of loans, which include personal loans and service kit loans via third-party non-banking financial corporations (NBFCs) in CY23.

To formalise financial management for partners and for wealth creation of partners, UC said it launched Partner Stock Option Plan (PSOP) and more than 500 Urban Company service partners have been awarded stock options in the company.
 

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Published March 27th, 2024 at 21:42 IST