In the ISL division, which works on IBM products, the money is good. Atleast it is comparable to Oracle. Depending on your luck you can get good work also. Do you know which product/platform you will be put into?
IBM has also started some research division in Bangalore in addition to its old Solution Research Center to Delhi.Few researchers are flown from India to Philipines(where again its starting(or started) some research center)and back.
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Mark Herschberg, author of The Career Toolkit