IITians get pink slips

By SiliconIndia   |   Thursday, 30 October 2008, 04:15 Hrs   |    9 Comments
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New Delhi: The global meltdown has resulted in many IITians getting the pink slips from national and multi-national companies. Many of them have got regret or denial letters months after their selection to the job.

One of the unfortunate IITian is the 24-year-old Siddharth Arora (name changed).He lost his job last week with a US-based legal process outsourcing company. When he got the confirmation letter for this job 11 months back, he had an attractive salary and an interesting job profile in intellectual property. But today Siddharth, who completed his masters this April, is looking for a job. He is ready to settle for much less (around Rs 4-5 lakh) compared to Rs seven lakh that he got with his first job straight out of the IIT campus. He has already applied to 50 companies and is still awaiting a response.

Siddharth's is not the only case. Around 13 of his colleagues from top four IITs � Kanpur, Kharagpur, Bombay and Madras have also been laid-off.

Earlier, The Times of India has reported that the offers made to 15 students of IIT Kharagpur were cancelled by the U.S. IT firms Montolova, Magma Design Automation and Paradigm. The students were given offer letters during the placements with a package of seven lakh rupees per annum along with incentives and perks.

According to BK Mathur, Chairperson, IIT, Kharagpur- placement cell, some new employers had got in touch with the institute after media reports on regret letters surfaced and have extended job offers to students who have reportedly received such letters.

It was further confirmed that five students from the batch that passed out in April 2008 have faced the brunt of the global meltdown. The laid-off IITians not only lose a job but also have to compromise on various grounds. And this has left them reconsidering their options more carefully.

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