1. Comparison of pay between academics and industry.
2. How much is the annual salary of an IIT faculty under the existing pay scale?
3. Are we paid less at the entry level or at the senior level?
4. Comparison of the academic pay at the international level
5. Forecast of IIT pay scale in view of 6th PC
6. A proposed pay scale
7. What IIT\u2019s should do to attract and retain talents? Suggestions and Conclusion
Education is the process or art of imparting knowledge, skills and judgment. Education tames the astray mind, nurturing its capabilities the same way as training builds a clever dog. It is a foundation for a preparation for meaningful life. It is aimed at the all round development of an individual and dispels ignorance. Moreover, it is an essential ingredient in the development of an individual as well as a nation. Academicians play an important role in the transmission of knowledge and skills to students. The education has high impact on economic growth and social development of a nation. For sustainable development, quality education should be provided not only at the basic level but also at the higher education level. The wealth of a nation not just depends on the economic power but also the skilled manpower it posses. Achievements in Science and technology is also a barometer for the development of a nation. This results in a positive societal transformation. As an example, Science and technology has been in the forefront of
transforming the Indian economic structure helping India evolve as a globally competitive economic powerhouse. With the available scientific manpower--which is third largest in the world- - the Indian science and technology has been growing well above world average. To achieve these kind of growth, apart from constant effort of the governments, the contribution of the academician\u2019s` and the scientists in leading institutions played a major role. Due to this combined effort, high end basic research and the development of cutting edge technologies to service the technological requirement of a common man could be met in some extent. India is famous for providing quality higher education through IITs, IISc, IIMs and other national institutions. The academic pay in such institutions are very low compared to industry and similar institutions in the other parts of the world. Academicians are responsible for creating technocrats but their pay is very less compared to technocrats. In this report ,we analyze some of the problems faced by the academicians and propose a suitable pay scale. There are lots of discussions taking place in reviewing the pay scale of the academicians and I hope this study, made under the IIT system, would help to reveal certain facts associated with the academic pay relevant in India. Even though the study is conducted under IIT system, it is still applicable to academic institutions follows similar structure. In the following sections, we would address these problems.
There was a demand for analyzing fresh PhD\u2019s salary in industry against the entry level( that I would assume at Assistant Professor level.) salary in IIT. The following figure shows the past 5 years average salary package(CTC), offered to PhD candidates by industry ( thanks to placement office, IITM for providing the data). I have removed some outliers and approximated some figures.
Note that every year, there is a 150% increase in the salary for a fresher. In general, in industry, there is 15% to 20% increase of salary every year. We assume that there is a 15% hike in salary every year in industry. If this is the case, with 2007 as the base year, the next 12 years projection would be the following.
Certainly one cannot expect such an increase in salary in government sector. My analysis is applicable only for IIT/IISc community / other academic institution provides accommodation in the campus with similar features. While analyzing the pay package, we would also try to find out whether \u201cwe paid less at the entry level or at the senior level?\u201d.
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