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.