Oct 15, 2018

Forget 7th pay commission hikes, these workers are positive about building their personal wealth


7th Pay Commission, that applies to central government employees as well as many state government employees has been in the news for long. Staff, at central and state levels, either want a hike in the fitment formula 7th pay commission report recommendations according to which their salaries are decided, or they want to become a part o this system (notably, many states have not yet ordered its implementation.

The lowest salary at the moment is Rs 18,000 and central staff wants this to rise to Rs 26,000, as per their demands. The mood is one of pessimism. However, if you move away from the public sector to the private one, especially when it comes to expatriates, the scene is one of positivity despite the dismal latest pay hikes. Here is putting things in perspective:
Even with a modest salary hike of 2 per cent annually, more than half of the expats living in the country are confident about building their personal wealth during their stay in the country, a survey has revealed. Expats here are optimistic and confident about their financial future and their present is shaping up nicely as well, the expat explorer survey by HSBC said.

Lower cost of living here compared with their home countries ensures that they have more disposable income than they did in their home country, it added. "More than half (54 per cent) of expats in India are confident that their life in the country can help build their personal wealth. The salaries of these expats are only slightly higher in India than their home country, rising by 2 per cent compared with a global average of 25 per cent," it said.

Source - Zee News