Top offers dry up! What is the salary range for IIT graduates this yr? Compensation from top 10 engineering institutes declines

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IIT graduates salaries decline! The salaries of engineers graduating from the Indian Institutes of Technology (IITs) in 2024 have skilled a decline attributable to the slowdown in hiring. According to separate research carried out by Deloitte and TeamLease, the annual pay for the class of 2024 falls inside the range of Rs 15-16 lakh.
According to an ET report, the Deloitte campus workforce tendencies 2024 examine reveals that compensation for graduates from the top 10 engineering institutes, together with eight IITs, as ranked by the National Institutional Ranking Framework, has seen a slight lower for the class of 2024.
Neelesh Gupta, companion at Deloitte India, mentioned, “They can expect a median compensation of Rs 16.3 lakh per annum in 2024 as per our study.”
TeamLease Services carried out a examine in May, which was shared with the monetary every day, signifies that the annual pay at outdated IITs has dropped to a median of Rs 15-16 lakh, in comparison with Rs 18-20 lakh in 2023.

IIT graduates leaner packages

Ramesh Alluri Reddy, CEO of TeamLease Degree Apprenticeship, emphasised, “The decline in median salary is particularly pronounced across the seven old IITs.”
The placement course of is nonetheless ongoing at some IITs, with the season being barely longer than normal, in keeping with people concerned in the course of. New IITs have additionally skilled a lower in median salaries, falling to Rs 12-14 lakh every year from Rs 15-16 lakh in 2023, as steered by TeamLease findings.
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IIT Ropar, nonetheless, has solely seen a marginal drop in common annual salaries, from Rs 18 lakh in 2023 to Rs 17 lakh, in keeping with placement officer Preeti Garg. Garg additionally mentioned, “There is a dip in the number of students getting placed this year as well compared to the previous year.”
A member of the placement cell for the class of 2024 at considered one of the established IITs verified that the institute’s common salary packages had decreased. “This is mainly due to top offers coming down in 2024 compared to 2023 top offers,” he mentioned.
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According to Reddy, components contributing to the decline in median salaries embrace the world financial slowdown, business shifts favoring sectors resembling manufacturing and electrical autos (EVs), elevated competitors, and corporations preferring to supply internships fairly than full-time positions. TeamLease additionally famous that many firms have adopted skill-based hiring practices. “Despite the wide salary range, with some individuals commanding hefty packages exceeding Rs 1 crore or even Rs 2 crore, many graduates are witnessing offers below Rs 10 lakh, with some as low as Rs 6 lakh per annum,” Reddy mentioned.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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