Indian IT companies worst paymasters says report
India’s leading IT companies such as TCS, Infosys and Wipro are the lowest paymasters, When it comes to salary matters, in the IT sector say industry experts.
Salaries offered by IT majors have remained the same in the last seven years due to over- supply of engineers, cost cutting measures by companies and inflation.
Though inflation in India has moved up to 45-50% since 2007-08, fresh engineers were not getting higher salaries in countries leading software companies. Given the rising inflation figures, therefore, fresher’s entry level salaries have reached their bottom levels.
In 2007-08, IT majors issued offer letters with annual salaries around Rs 2.75 lakh per annum, with monthly salary of Rs 23,000. After seven years, according to Nasscom, average salaries in the IT sector has reached only Rs 3-3.5 lakh per annum.
According to Kotak Institutional Equities, every year 1.5 million engineers graduate each year in India, while there exists only a mere 150,000-200,000 jobs in the domestic IT sector.