Mumbai. Fresh engineering graduates, who are finding it increasingly tough to land a job in India’s $160-billion IT industry, with a great mismatch between the demand and supply. More worryingly, experts point out, a huge demand-supply imbalance has tilted the odds squarely in favor of the country’s largest software services firms, with only one job available for every five engineers who are graduating from colleges across the country every year. But there is some good news for freshers joining TCS, as the company has decided to hike the starting salary from the current 3.20 lacs to 3.21 lacs.
TCS has been the dream company for freshly graduated engineering students across the nation. The reason being a stress-free culture, big brand name, onsite opportunities and many more. But one thing which has not grown in spite of the growing industry is the starting salary. So when TCS decided to rectify it for all future recruitment, it is bound to create some chaos in the mind of graduates who had calculated all their tax liabilities based on the previous starting package of 3.20 lacs. Students have lived with this salary expectations for the last 8-10 years and their 4th year in college is spent in calculating all their future expenses based on this figure.
Our Faking News reporter spoke to a freshly recruited engineer from Bareilly named Jagdish Malik and he had this to say,” The salary hike announcement has spoiled all my calculations. Since last 2 years, I have been spending time in breaking down my compensation letter and figuring out how much disposable income I will have. Now with the latest announcement, I will need some more time to make some minor adjustments to it. This is wrong on the part of a big company like TCS to suddenly increase their base pay. It should have been a gradual process. My parents are happy with the hike but they don’t know how hectic it is for us youngsters to again use our mathematical skills to calculate our in-hand component.”
It is to be seen if other IT companies will take a clue from this announcement and make some changes in their offer letters as well.