IIT coaches are raking in higher salaries than CEOs in India!

IIT coaches are raking in higher salaries than CEOs in India!There is an ongoing battle across institutes that offer coaching for entrance exams to IITs, especially in Delhi and Kota. The centres are fighting for top faculty members and are ready to pay them as much as Rs 1 crore-plus salary.

The teachers, who have IIT degrees or equivalent, are benefitting from the fight and the number of faculty members getting Rs 1 crore-plus is growing at a fast pace.

"We have six crorepati faculty members," Modali Venkat Hari Kishan, manager, Bansal Classes, a training institute based in Kota, Rajasthan told Economic Times.

Such high is the competition that staffers only stay with centre till they get the best deal.

"Today, there are at least 15-20 people getting one crore-plus salaries in Kota alone. Then, there are other hubs such as Mumbai, Delhi, Kanpur and Patna, where the faculty would be getting even more," Sonal Rajora, a faculty member at Allen Career institute, told the financial daily.

Meanwhile, as per sources, teachers are even earning Rs 2 crore and reportedly, there have also been instances of Rs 3-crore salaries.
Industry sources told ET that a good faculty could easily earn Rs 1 crore within two to five years. On the flip side, professors in IITs start from Rs 10-11 lakh per annum and deans get Rs 25 lakh per annum.

"We have faculty members with 10+ years of experience who draw Rs 1.5-2 crore salaries," Bansal Classes' Modali Venkat Hari Kishan told ET.

Talking about the salary hikes, RL Trikha, Director, FIITJEE, told the financial daily that the average annual raise in between 10% and 50%.

The coaching centre charge at least Rs 1 lakh as tuition fee from students. More than 10 lakh aspirants registered for the IIT-JEE this year.

(Image: Indiatimes)