People 01.02.2017 Top 7 Best Paying Jobs in India Job is employment, wherein one person works for an organization keeping in view the vision and mission of the company and for this, an employee puts his time, skill, hard work, efforts to get an output. What an employee gets in return for his contribution to the company can be in the form of salary, bonus, hike and promotion, which gives satisfaction to the employee. An employee expects to be paid well so that he can live a particular standard of life and start learning skills which will help him to learn more and achieve greater success in his/her life. Various fields and domains are present which are paying employees in huge amounts and employees have a lot of choices available to choose a career path for them. Various high paying jobs available in India are CA, Marketing Professionals, Data Engineer/ Data Scientist, Business Analyst, investment bankers, Application Developer and doctor. Chartered Accountancy (CA) is one of the highest paying jobs in India, it covers all the areas of financial accounting, tax management, auditing, cost accounting, banking, consultancy, etc. Becoming CA is a very tough task, but once you are a CA then you start getting paid very well and there is an exponential rise in salary. Marketing Professionals have a great scope and these professionals are paid a very good amount in their field. As Marketing is very important for any product or service so that people are aware of it and once brand equity is created the brand has a name for itself and a value associated with it. Nowadays with the help of growth in technology, digital marketing is on the rise and has helped companies understand customer needs with the help of market research and give the product or service as per the customer needs. With such advancements in technology, data analysis has become a very critical part in any company and to get insights about the data (numbers), data scientist and data analysis is the need of the hour. Various programming languages and algorithms are required to analyse the data and it is one of the hot domains in the industry right now. Profiles such as that of a data scientist will be of high demand in industries that incorporate artificial intelligence (AI), machine learning (ML) and big-data-driven tools. Business Analysts is also one of the highest-paid fields in India. A Business Analyst has to understand the needs of the clients, create detailed business analysis, understand problems and forecast a solution for the same. It includes various things such as budgeting, forecasting, planning, monitoring, pricing and reporting and taking the updates of the tasks as per the deadlines. Investment Banking is one of the highest paid jobs in India as they are one of the most crucial functions of any company. Those people ensure there is enough money in the company at any point of time and hence keep investing in the company's money. There is always a risk factor associated with it and this is one the reasons for the high pay of this job profile. Application developments are also in demand as our world is becoming digital and most of the things are controlled by mobile devices. One needs to know and integrate various tools and technologies and make the application perfect as per its working functionality. Doctors are those who take care of their patients and ensure they are healthy and free from diseases. To become a doctor one needs to complete MBBS and needs for doctors will be increasing as the need for health care will keep rising. So it is an ever-growing field and hence is one of the highest-paid jobs in India. Fixed and variable pay difference An organization pays his employee a salary which is equal to Cost to Company (CTC) which consists of both the fixed and variable pay that is given to an employee. This includes all costs incurred by the company on behalf of the employee, both monetary and non-monetary before taxes. In short, CTC consists of fixed compensation, variable cash incentives and benefits. Variable pay, also known as performance pay, is used to recognise and reward employee contribution above and beyond their normal job requirements, towards company productivity, profitability, quality. Fixed compensation consists of basic pay along with fixed allowances, which is referred to as gross salary in India. Fixed compensation and CTC are the most widely used external competitive pay benchmarks, with fixed compensation often the foundation for creating pay ranges. The basic pay is the amount on which an employee’s provident fund is calculated. The Employee Provident Fund (EPF) is typically calculated at 12% of basic pay and is contributed by both the employee and the employer. The employer share is split into two parts one which goes into pension account and one goes into epf account. Any employee can add money voluntarily too in his EPF account. Fixed allowances consist of House rent allowance (HRA) that can be claimed by employees as a tax exemption (up to 50% of basic salary in a metro city or up to 40% in a non-metro city) if the employee is living in rented housing. Leave travel allowance (LTA) is for holiday travel within India and can be used by employees. An employee can claim tax benefits for the fare expenses paid for his/her family when they take a holiday, subject to certain restrictions. Conveyance Allowance is for travel expenses that happens when an employee travels from his home to work and vice versa. The maximum tax-free amount was 19,600 INR per year. Medical Allowance is a reimbursement for medical expenses incurred by employees, tax-deductible up to 15,000 INR a year. Employees need to be motivated and one of the ways to motivate employees is with the help of variable pay to the employees. Along with fixed pay, a particular amount of CTC is reserved as variable pay. Variable Pay is mostly performance-based and it depends on not only employee’s performance but also on how the company has performed. Variable Pay depends on the position of an employee too i.e what percentage is reserved as a variable bonus for an employee. Variable pay has become an increasingly popular mode of compensation in most companies. The Variable Pay varies from 10-15% of fixed pay. In most of the cases, variable pay is paid to the employees during the festival seasons such as Diwali or Christmas or New Year.