Era of the 1970s
It was during the early 1970s when the companies in the private sector paid higher salaries and perquisites as compared to the government sector. The fascination of starting a career with a corporate company in the private sector was so great, that people who were already working in government departments left their pensionable jobs and joined the private sector mainly due to higher salaries and perquisites being offered by large number of corporate companies in the private sector. There was hardly any doubt that the salaries in the government segment were considerably low, yet government jobs in Indiaprovided the incumbent with a sense of security and a safe careeras well as carried a pension that provided a comfortable amount in the post retirement period of the people serving in the government sector.
The Present Scenario
One of the major steps that the Government initiated was to bring advanced post graduate education within the reach of the multitude of people. There were more IITs and IIMs opened in several towns and cities across the country, which added a boost to the education sector. With the emergence of the economic boom during the last decade, there has been a significant turnaround in the reversal of the brain drain exodus, where people who graduated from the esteemed professional institutions such as Indian Institute of Management, Indian Institute of Technology and the Indian Institute of Science preferred to stay back in India since the country provided them with sufficient jobs in India as well as the corporate sector opened the floodgates of job opportunities for the enthusiastic job seekers. There was an urge amongst people to opt for jobs in India rather than moving abroad.
Improvement in Government Salary & Perquisites
The government tried to equate their salary structure with the corporate companies which led to people opting to join government jobs in India. Although, pension to government employees was culminated in the year 2003 and people who joined after this year were not entitled to any pension, yet there was a secure future for employees in the government. However, people serving in the three wings of the armed forces were still entitled to a sizeable pension on retirement. Despite the initiation of higher salaries by the government, people still chose to work in the private sector. The globalization of the corporate sector has opened vast avenues for IIT and IIM graduates. Several corporate companies have opened their offices offshore and are implementing several projects abroad, which have provided the skilled and experienced manpower to work abroad drawing their salaries in foreign currency under the aegis of their parent companies in India.
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