IN June this year, wealth conducted a poll on salary hikes you got in this year's appraisal. Here is a snapshot of the results:
45 per cent got a hike of less than 10 per cent
33 per cent got a hike between 10 to 20 per cent
22 per cent got a hike over 20 per cent
Summary: a majority of you got a hike less than 20 per cent.
And, if we go by a survey of Indian corporates conducted by Hewitt Associates, then the next year may not get any better.
The survey suggests that the global economic slowdown, the US-sub prime crisis and rising inflation have led to companies to re-think their salary budgets for the year 2009.
The survey predicts:
--Salary hike of junior level employees in 2009: 14.4 per cent (compared to 15.2 per cent in 2008)
--Salary hike of mid-level employees in 2009: 13.8 per cent (compared to 14.6 per cent in 2008)
--Salary hike in infrastructure sector in 2009: 18.8 percent (compared to 24.1 per cent in 2008)
--Salary hike in banking, financial services and insurance in 2009: 14.2 per cent (compared to 16.5 per cent in 2008)
--Salary hike in manufacturing in 2009: 15.1 per cent (compared to 15.4 per cent in 2008).
--The telecom sector will see continued growth in India, whereas the IT-ITES sectors which have been adversely affected by the recent dollar-rupee volatility and economic slowdown is treading cautiously on salaries.
The predictions are indeed gloomy.
wealth spoke to financial planner Arvind Rao of Dreamz Infinite, who has some smart tips for getting tough to face the crunch.
Your spending habits
--List out your expenditure patterns without being very conservative. Don't cut down on your necessities but try to spend less on luxuries. Then make a proper plan and stick to it.
--Be selective in your choice before taking a loan for your luxury goods. Work out a reasonable repayment pattern with your planner's assistance. Ensure that your EMIs do not exceed 30 per cent of your gross monthly salary.
-- If you are planning to take a home loan, read our article to find out where rates are headed. If possible, defer your decision to borrow till the interest rates cool down.
Your portfolio
--Do not over-estimate your income and under-estimate expenses. Draw out a proper plan to understand where you stand currently and what you wish to achieve.
--Maintain your investments as per your plan and do not get hindered by the market volatility. Try to invest at least 20 per cent of your gross salary.
--Get your financial situation periodically reviewed by your financial planner to spot any unhealthy patterns and take corrective actions accordingly.
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