Raise wages in corporate jobs in India. Stop the corporate cartel that is controlling wage
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The GOI has declared income below 8 lakh as "economically backward". A huge chunk of corporate employees earn way less than that. Starting salary of IT employees for example has been around 3 lpa for a long time, atleast 8 years. As a comparison, the salaries of government sector employees have kept on increasing. The reason for our youth making a gold rush run for govt jobs could not be more lucid. But govt jobs are few in number and most people have to take up private jobs. It can be seen that private companies have formed a sort of cartel and have kept the wages at minimum and have not even respected inflation. As you might know many students take loans to earn degrees and tution fee goes up every year. We have seen many people struggle to make their ends meet due to the low wages paid to them. We fear that a debt trap might be in the horizon if the present scenario continues. Although a counter argument can be provided saying lower wages and it is that arbitrage that brings work to India, the present state of wages just does not justify the practicality of that claim. Because what was profitable 7 or 8 years ago should be way too profitable now keeping in view that companies increase their client billing rates year on year and does not pass on those profits to their employees. Even after an MBA from a premier institute, an Indian's salary is not even a fifth of what an American or European would get after a similar degree.
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