Salary increases every year in April. Your salary must have also increased, but do you know that since the time of Covid, inflation has created a ruckus all over the world? For the same reason your savings have also been affected.
Every employee working in the company thinks that why my salary is not increasing at the same pace as those working with me are increasing. What should you do in such a situation? Because inflation is increasing the problems of the people day by day. If your salary is not increasing according to inflation, then you should be alert and start some planning about it, so let us tell you how to manage.
How to calculate salary?
You should not fall into the trap of comparing the salaries of others. Instead, focus on your own salary growth. If you assess your own salary, then the complaints related to your salary will go away. You know that inflation is increasing day by day. According to the Reserve Bank of India (RBI), inflation is increasing at least at the rate of 7% every year. This simply means that every year your expenses are also increasing. This is how you can deduct this expense.
How much is your salary growth?
If you used to spend Rs 1 lakh to buy something last year, then due to the increased inflation, now you will have to spend Rs 1 lakh 7 thousand 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 higher than inflation.
What to do if the salary is not increasing?
If your salary is not doubling 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. As inflation is increasing with 7% and your salary is increasing with 3% every year, then you should plan for the remaining 4% amount. For this, you either reduce the expenditure or make a plan to earn 4% income from other sources.
