Indian firm Khaitan increases starting salaries
Khaitan & Co has increased starting salaries to Rs 1.1 lakh per month (Rs 13.2 lakh per year) with a bonus component of up to Rs 2 lakh, as part of its annual pay rises.
The figures are an increase from last year’s pay figures of Rs 1 lakh per month with a bonus of up to Rs 1.75 lakh.
A member of Khaitan’s management explained: “Every year there is a hike. Every hike is discussed in the executive committee. If we miss out on the hike for a particular batch they won’t be excited to join us. So it is year-on-year.”
“There is no differential between any institution. People are hired as partners, this is what we say on campus. That the associates are our future, our potential partners. Everybody is hired through the same recruitment process comprising of a [group discussion], questionnaire and personal interviews by a panel that nationally recruits people. So ultimately we cannot create a differential in competence,” he said.