Tuesday, January 31, 2023

Salary Hike Formula: If the salary has not doubled in 8 years, then start thinking, try these options today

Salary Hike Formula: Salary increases every year in April. Your salary would have also increased, but do you know that since the time of Kovid, inflation has created havoc in the whole world? Because of this, your savings have also been affected. Every employee working in the company thinks that why her salary is not increasing at the same pace as the people working with me are increasing. What should you do in such a situation? Because of inflation, the problems of the people are increasing day by day. If your salary is not increasing according to inflation, then you should be alert and start some planning regarding it, then let us tell you how to manage.

How to calculate salary?

How much is your salary growth? 

If you used to spend 1 lakh rupees to buy something last year, now due to an increase in inflation, you will have to spend 1 lakh 7 thousand rupees to buy the same thing. There is an average salary growth of 10 to 12 percent every year in the world, that is, if your salary is one lakh rupees, then in the coming year you will get 10 to 12 thousand rupees more. This increase is considered better because the increase in salary is more than inflation.

What to do if the salary is not increasing? 

If your salary is not getting double in 7 or 8 years then you should start planning because inflation will increase every year like this and if your salary is not increasing that much then you should reduce your expenses unnecessarily. Since inflation is increasing by 7% and your salary is increasing by 3% every year, you should plan for the remaining 4% amount. For this, you either reduce the expenses or plan to earn 4% of income from other sources.

Read More: Appraisal: News for employees waiting for increment, know in which sector will be how much salary hike

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