Jul 10, 2024 09:31 AM IST
A TeamLease Services study showed that the annual pay for IIT graduates is down to a median ₹15-16 lakh compared with ₹18-20 lakh in 2023 at old IITs.
Salaries of those graduating from the Indian Institutes of Technology (IITs) have dropped as the annual pay range for the class of 2024 is in the range of ₹15-16 lakh, as per Deloitte and TeamLease. Salaries for graduates from top 10 engineering institutes, of which eight are IITs, has declined marginally for the class of 2024, Deloitte campus workforce trends 2024 study noted as per Economic Times. Neelesh Gupta, partner, Deloitte India, said as per the outlet, “They can expect a median compensation of ₹16.3 lakh per annum in 2024 as per our study.”
A TeamLease Services study conducted in May showed that the annual pay for IIT graduates is down to a median ₹15-16 lakh compared with ₹18-20 lakh in 2023 at old IITs. This comes as placements are still on at some of the IITs with the season slightly longer than before.
Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeship, said, “The decline in median salary is particularly pronounced across the seven old IITs.” The study showed that new IITs have also seen a fall in median salaries to ₹12-14 lakh per annum from ₹15-16 lakh in 2023. Placement officer Preeti Garg said that IIT Ropar has seen only a marginal drop in average annual salaries from ₹18 lakh in 2023 to ₹17 lakh.
“There is a dip in the number of students getting placed this year as well compared to the previous year,” Preeti Garg said.
This comes as top offers at the IITs this year have nearly halved from ₹4 crore for the 2023 batch. Ramesh Alluri Reddy said, “The factors contributing to the decline in median salaries include the global economic slowdown, industry shifts favouring sectors like manufacturing and electric vehicles (EVs), increased competition, and the preference for offering internships over full-time positions.”
He added, “Despite the wide salary range, with some individuals commanding hefty packages exceeding ₹1 crore or even ₹2 crore, many graduates are witnessing offers below ₹10 lakh, with some as low as ₹6 lakh per annum.”
