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overview: Firms in Bengaluru, a tech hub in Southern India with 1.5 million IT employees and once dubbed the "world's back-office," hired willy-nilly, as they struggled to cope with a surge in global demand for digital products.


"Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider.

He recalled one applicant who left his job with an annual salary of 1.2 million rupees, or $14,700. The tech worker received five offers from five different companies, and over several months negotiated his yearly pay up to 3.3 million rupees, or $40,400, Giri said. That's almost triple his last paycheck.

Yeshab CCO
Yeshab CCO

Like with the US, as COVID-19 measures receded in India, so did the tech boom. Silicon Valley has seen round after round of layoffs in recent months, and India's been feeling the pinch too.

Salary offers are declining, and at least 3,800 employees in Bengaluru were laid off in the last three month.



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