This study examined the effects of self-efficacy and equity sensitivity on pay satisfaction and its sub-components (pay level satisfaction, benefits satisfaction, and pay structure/administration satisfaction). For the study, a survey was administered to 254 employees of an electronics manufacturing company, and regression analysis of the collected data confirmed that self-efficacy has a negative effect on pay satisfaction and its sub-components, while equity sensitivity has a positive effect. Additionally, it was confirmed that equity sensitivity has a moderating effect on the relationships between self-efficacy and pay satisfaction, pay level satisfaction, and benefits satisfaction. The theoretical implications, practical implications, and limitations of this study were also discussed.