In this placement season, the graduates passing from the Indian Institutes of Technology (IITs) are receiving lesser-paid jobs and in some cases even below Rs 10 lakh (LPA). Even though it sounds unbelievable, this is the actual scenario in India. As companies are no longer offering high-paying jobs in the premier institutions of the country, it has become a concern for the students as well as the institution.
As reported by Times of India, many companies have reduced their hiring intake significantly from the IITs. This has caused the universities to expand their outreach and invite potential employers. However, the package offered by them is less than Rs 10 lakh per annum.
Even though many students have secured a job in the on-campus placement, the salary offered by them does not meet their expectations. These graduates are even exploring other opportunities through online job boards and attending job fairs in other cities.
“Companies that till last year picked 5 to 8 students are picking 1 or 2 this year. Several are still not yet hired. From coaching classes to start-ups, some have recently been picked for salary packages of Rs 60,000 to Rs 80,000 in phase 2,” said IIT Bombay student mentioned the report.
“Spectrum Technologies offered Rs 3.6 lakh for trainee engineers and Rs 6 lakh for trainee design engineers. Startoon Labs and Gem Machinery offered Rs 5.5 lakh annually. Skyroot offered Rs 5 lakh. Sri Chaitanya and Next Education offer Rs 4.8 to 6 lakh per annum,” said a IIT-Kharagpur student mentioned the report.
Many students are taking up jobs offering bare minimum salary of Rs 6 lakh but are looking for other jobs.
The report mentioned that, at IIT Delhi, a significant number of students are looking for employment through Office of Career Services (OCS). As of April 5, 1083 students out of 1814 students registered with OCS have secured jobs. However, 40 percent are yet to find employment. However, 81 percent of the 903 participants who were part of undergraduate programs (BTech + dual degree) have received jobs.