Akshata Sharma
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A hiring slowdown has caused a decline in salaries for engineers graduating from the Indian Institutes of Technology (IITs) this year.
Studies conducted by According to Deloitte and TeamLease indicate that for the class of 2024, annual salaries now range between Rs 15 lakh and Rs 16 lakh, down from the previous Rs 18 lakh to Rs 20 lakh, ET reported.
Deloitte's campus workforce trends study highlights that compensation has slightly decreased for graduates from the top 10 engineering institutes, including eight IITs, as ranked by the National Institutional Ranking Framework.
Similarly, TeamLease Services reports that median annual salaries at older IITs have dropped to around Rs 15 lakh to Rs 16 lakh from last year's Rs 18 lakh to Rs 20 lakh.
Placement activities are still ongoing at several IITs, leading to a slightly extended placement season this year.
According to Ramesh Alluri Reddy, Chief Executive of TeamLease Degree Apprenticeship, the decline in median salary is particularly significant across the seven older IITs.
TeamLease also found that salaries at newer II Is have decreased to around Rs 12 lakh to Rs 14 lakh per annum, down from Rs 15 lakh to Rs 16 lakh in 2023.
Several factors contribute to this decline, including the global economic downturn, industry shifts toward manufacturing and electric vehicles, increased competition, and a growing preference for internships over full-time positions.
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