IT salary packages fall 40% due to slowdown amid global economic woes | Top Vip News

Information Technology Sector: Salary packages of Indian IT professionals have dropped by 30 to 40 percent from nearly Rs 1 million per annum they were paid a year ago, according to a Economic times report citing industry executives. He said the decline is attributed to global macroeconomic headwinds and slowdown in the IT sector.

Lower salary packages are becoming the new normal after massive hiring during COVID-19 2021-22. Most hiring is currently done by early-stage startups after their series A funding, the Eastern Time the report said, citing venture capitalists, recruiting services and executive search executives.

“These are mostly CXOs and high-level tech talent who have been laid off in recent months and have worked with large tech organizations as well as startups,” the report quoted Ratna Gupta, senior partner at ABC Consultants, as saying. a talent and executive search consultancy. firm, how to say.

Technological layoffs in 2024

According to the latest data from layoffs.fyi, 157 companies have laid off 39,608 employees so far in 2024.

The positive side

IT companies are also getting new contracts. Two months after losing a multi-year contract worth $1.5 billion, IT major Infosys has bagged two major contracts. The most recent agreement is a multi-year contract worth $300 million with Singapore shipping company Pacific International Lines (PIL) that will run until 2027.

The Singapore deal came after a seven-year agreement with Irish food retailer Musgrave on January 31 to automate its IT functions using artificial intelligence and cloud solutions.