Median IT Salaries in India Surge up to 37% Since FY21, But Growth Slows in FY24

India’s leading information technology firms have witnessed a steady rise in employee remuneration over the last three financial years. Companies like Infosys, Wipro and Tech Mahindra have reported notable increases in median pay, reflecting changes in demand for talent and overall industry growth. However, the rate of growth appears to be tapering in recent years.

Infosys and Wipro Lead with 30% Increase Since FY21

Infosys and Wipro have both increased their median salaries by 30% from FY21 to FY24. In FY21, the median salary at these firms was around ₹7 lakh. By FY24, this figure rose to ₹10 lakh, marking a ₹3 lakh increase over 3 years. Despite the growth, the data indicates that annual increments have been slowing down. Infosys recorded a median pay hike of 13% in FY22, which later dropped to 10.5% in FY23 and further to 8.5% in FY24. Wipro followed a similar trajectory, with growth rates moving from 12% in FY22 to 10% in FY24.

Read More: Infosys Rolls Out Salary Hikes—Here’s How a Step-Up SIP Can Help You Build Wealth!. 

Tech Mahindra Shows Modest Growth, Then a Pause

Tech Mahindra’s median salary increased from ₹5.3 lakh in FY21 to ₹6.6 lakh in FY24. This translates to a 24.5% rise over the period. However, there was no reported increase between FY23 and FY24, indicating a pause in annual pay adjustments. This flattening trend might reflect broader cost-control measures or adjustments in hiring strategies.

Global IT Players: Smaller Percentage Gains, Higher Absolute Pay

In contrast to Indian firms, global peers Cognizant and Accenture reported relatively modest increases in median salaries—12% and 17.5%, respectively. Cognizant raised its median pay by $1,600 over the 3-year period, reaching $14,640 in FY24. Accenture’s hike of $3,200 took its median compensation to $22,106. Though the percentage growth is lower, their absolute salary levels remain significantly higher than Indian counterparts.

Tapering Trend in Annual Salary Increments

While salaries have grown overall, the annual growth rates are gradually declining. For example, Infosys’s annual median pay growth fell by nearly 5 percentage points between FY22 and FY24. This pattern is echoed across other companies, suggesting a shift in compensation strategies. Factors contributing to this trend may include macroeconomic uncertainties, the adoption of automation, and evolving workforce models like gig or contractual employment.

Limited Disclosure from TCS and HCLTech

Unlike Infosys, Wipro, and Tech Mahindra, companies such as Tata Consultancy Services (TCS) and HCLTech have not publicly disclosed their consolidated median employee remuneration figures. This absence of data makes it difficult to assess how their compensation trends compare with peers in the industry.

Conclusion

These salary trends provide insight into how compensation structures have evolved across major IT companies in India and abroad. While increases have been steady over the past few years, a moderation in growth rates may reflect changing business priorities and the broader economic climate.

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