Salaries of IIT Graduates Take a Hit in 2024 Amid Hiring Slowdown
The Wire Staff
Real journalism holds power accountable
Since 2015, The Wire has done just that.
But we can continue only with your support.
New Delhi: Salaries of engineers graduating this year from the Indian Institute of Technologies (IITs) have dropped owing to the hiring slowdown.
According to separate studies by Deloitte and TeamLease, the annual pay for IIT graduates this year is in the range of Rs. 15-16 lakh, reported The Economic Times.
The Deloitte campus workforce trends 2024 study indicates that compensation for graduates from the top 10 engineering institutes, of which eight are IITs, as ranked by the National Institutional Ranking Framework has declined marginally for the class of 2024.
"They can expect a median compensation of Rs. 16.3 lakh per annum in 2024 as per our study," said Neelesh Gupta, partner, Deloitte India, reported The Economic Times.
According to a TeamLease services study conducted in May, the annual pay is down to a median ₹15-16 lakh compared with Rs. 18-20 lakh in 2023 at old IITs.
The median annual salaries in the new IITs have also gone down from Rs. 15-16 lakh to Rs. 12-14 lakh, indicated the TeamLease findings.
In 2022, out of 17,900 registered students across all IITs, 14,490 had secured placements, leaving 3,410 unplaced, translating to a 19% unplaced rate, according to the report.
This year, while the registered students have increased to 21,500, only 13,410 have been placed, reported The Economic Times.
This article went live on July tenth, two thousand twenty four, at seventeen minutes past one in the afternoon.The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.