Information Technology (IT) is one of the major employment sectors in India. Every year, many fresh graduates and youngsters get employed in the IT sector.
However, the pay rise has been huge for CEOs of the top five companies over the last five years but the pay rise of the normal employees is negligible.
Reports say that while the salaries of the top five companies’ CEOs increased by over 160% in the last five years while the salaries of freshers raised by just 4%.
In FY24, the average annual salary of the CEOs is around Rs. 84 crore while for freshers, it is just Rs. 3.6-4 lakhs. The top five companies mentioned in the report are TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra.
According to the experts, demand for the IT sector in India has slowed down with corporate profits not growing as fast as wages over the last 10 years.
They opined that salary growth in various sectors has fallen behind rising prices, while numerous contractual employees still receive outdated base pay rates. On top of it, elevated borrowing costs dampen consumer spending without solving the underlying drivers of rising costs.
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