IIT graduates feel pay pinch as top offers dry up
Indian Institutes of Technology (IITs) have dropped. For the class of 2024, the annual pay is in the range of ₹15-16 lakh, according to separated studies by Deloitte and TeamLease.
Compensation for graduates from 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, according to Deloitte campus workforce trends 2024 study. «They can expect a median compensation of ₹16.3 lakh per annum in 2024 as per our study,» said Neelesh Gupta, partner, Deloitte India.
Annual pay is down to a median ₹15-16 lakh compared with ₹18-20 lakh in 2023 at old IITs, as per a TeamLease Services study conducted in May shared with ET.
Placements are still on at some of the IITs with the season slightly longer than before, said people involved in the process at IITs. «The decline in median salary is particularly pronounced across the seven old IITs,» said Ramesh Alluri Reddy, CEO, TeamLease Degree Apprenticeship. The new IITs have also seen a fall in median salaries to ₹12-14 lakh per annum from ₹15-16 lakh in 2023, TeamLease findings suggested.
IIT Ropar has seen only a marginal drop in average annual salaries from ₹18 lakh in 2023 to ₹17 lakh, placement officer Preeti Garg said.
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«There is a dip in the number of students getting placed this year as well compared to the previous year,» said Garg.
One student was part of the placement cell for class of 2024 at one of the old IITs confirmed that average pay
