Hyderabad: As Canada battles an economic slowdown, Indian professionals, particularly in the IT and finance sectors, are feeling the pinch. Salaries have dropped by as much as 25%, forcing many Indian families to cut back on expenses while grappling with rising inflation and the constant threat of lay-offs.
Nikhil Vara Prasad, who is from Warangal and works as a SAP specialist in Toronto, said, “I was hired at a starting package of CAD 100,000 (roughly 61 lakh), which is significantly lower than the industry standard of CAD 125,000 (76 lakh). But I had no choice; I was in desperate need of a job and couldn’t afford to hold out for a better offer,” said Prasad, who supports a family of five, including a newborn.
The struggle to secure employment is real, as Meenakshi Chute from Nagpur attests. “I worked various odd jobs for two years, including at a grocery store, despite holding a Master’s degree. I finally landed a job as a data engineer. The salary offered was CAD 90,000 (55 lakh), far lower than the market standard of CAD 115,000 (70 lakh). But I couldn’t afford to be picky. With taxes, my take-home pay is around CAD 80,000 (49 lakh), and it barely meets my needs,” she said.
The situation is equally dire for professionals like Aakash Halvadiya from Bengaluru, who works as a data analyst in Vancouver. “I earn CAD 105,000 (64 lakh) annually, which is slightly higher than my cousin’s salary of 50 lakh working for an American multinational in India. With high cost of living in Canada, I find myself struggling. My cousin, meanwhile, leads a comfortable life.” Halvadiya, like others, has been questioning his decision to travel abroad to make a living. “It feels as though we’re constantly fighting to stay afloat, regardless of whether we have jobs or not,” he said.
The finance sector is facing similar struggles. Mohd Kaif, a financial analyst from Hyderabad working in Vancouver, said, “Layoffs have become alarmingly common. Several of my colleagues were let go with no warning. It’s especially frightening being in a foreign country without a support system.”
A financial analyst from Hyderabad in Vancouver, Mohd Kaif says, “Amid pay cuts, mounting expenses, job insecurity, I am questioning if the move here was worth the sacrifice.”
