Banks removing Lounge benefits from non-premium cards

[CARDBITRAGE]

so in a family of 4 where there is a sole bread winner not even making decent wages ,he should make his wife work a job to sustain a household just because corporations arent paying a decent inflation adjusted wage?

Though it seems cruel, I would love for more people to work and contribute to our economy. In fact, I wish there could be more jobs for women as well. But look at it this way, if more jobs are created, people will have more options. If there are more options, companies will make provisions to incentivize retaining and getting hold of talent.

 

[CARDBITRAGE]

3 guys staying together - can it be determined as a household?

Technically, yes. But is more often used to refer to families.

 

[Deleted member 11974]

Though it seems cruel, I would love for more people to work and contribute to our economy. In fact, I wish there could be more jobs for women as well. But look at it this way, if more jobs are created, people will have more options. If there are more options, companies will make provisions to incentivize retaining and getting hold of talent.

i feel its actually the opposite
if there are more people seeking a job in the economy,
person a might depend x lpa as ctc while y would be ready to demand x-1-2 lpa just to survive.
and companies will press on this and keep getting much more cheap labour

 

[Deleted member 11974]

i feel its actually the opposite
if there are more people seeking a job in the economy,
person a might depend x lpa as ctc while y would be ready to demand x-1-2 lpa just to survive.
and companies will press on this and keep getting much more cheap labour

this is what is happening with IT
if a grad deserves a 7 lpa
a migrant grad might be ready to work at lets say 5 just to survive and no go back and be unemployed.
now if migrant employees increase drastically the average comp for that roles and sector will go down because companies see cheap labour

 

[CARDBITRAGE]

i feel its actually the opposite
if there are more people seeking a job in the economy,
person a might depend x lpa as ctc while y would be ready to demand x-1-2 lpa just to survive.
and companies will press on this and keep getting much more cheap labour

That's what I'm trying to say. The availability of cheap labour is just circumstantial for now. Right now, there are more people than jobs in our country. So what you say is sort of playing out. But though there are a lot of people available to take up jobs, there is a severe lack of talent.
My whole argument is that as India grows, more jobs created are created. With more jobs and fewer people, companies will be forced to raise wages as per the required standards.

 

[CARDBITRAGE]

this is what is happening with IT
if a grad deserves a 7 lpa
a migrant grad might be ready to work at lets say 5 just to survive and no go back and be unemployed.
now if migrant employees increase drastically the average comp for that roles and sector will go down because companies see cheap labour

We live in a capitalistic society. The company is doing nothing wrong. This is exactly what every business around the world follows. If people are willing to work at a certain pay scale, they will stick with it. So I don't think we should be blaming them.

 

[Deleted member 11974]

That's what I'm trying to say. The availability of cheap labour is just circumstantial for now. Right now, there are more people than jobs in our country. So what you say is sort of playing out. But though there are a lot of people available to take up jobs, there is a severe lack of talent.
My whole argument is that as India grows, more jobs created are created. With more jobs and fewer people, companies will be forced to raise wages as per the required standards.

do you think it is possible that the worlds most populous country will face a skilled labour shortfall?
i mean it sounds possible on paper, but corporate greed being at an all time high they will settle for mediocre talent to line their pockets

 

[CARDBITRAGE]

3 guys staying together - can it be determined as a household?

Technically, yes. Any group of people staying in the same house are categorised that way.

 

[Deleted member 11974]

We live in a capitalistic society. The company is doing nothing wrong. This is exactly what every business around the world follows. If people are willing to work at a certain pay scale, they will stick with it. So I don't think we should be blaming them.

because of oversupply even the 7l deserving candidate has to end up settling for a 5 l package
and while the 5l package might be enough for a tier 2,3 city it wont suffice for a tier 1 city
i have heard freshers taking loans from their relatives to be able to survive in a tier 1 city

 

[CARDBITRAGE]

do you think it is possible that the worlds most populous country will face a skilled labour shortfall?
i mean it sounds possible on paper, but corporate greed being at an all time high they will settle for mediocre talent to line their pockets

There is already a huge skilled labour shortage. Less so in white-collar jobs, but it is quite prevalent.
Another thing to blame is the quality of graduates being thrown out of random education institutions in India.

 

[CARDBITRAGE]

because of oversupply even the 7l deserving candidate has to end up settling for a 5 l package
and while the 5l package might be enough for a tier 2,3 city it wont suffice for a tier 1 city
i have heard freshers taking loans from their relatives to be able to survive in a tier 1 city

That depends on the individual, right? As I said earlier, it is a gift to be able to live in India considering the cost of living conditions. You need to tailor your lifestyle around your income, and with a 5L income, I think you can lead a pretty good life in India. If you want to lead a flashy lifestyle, even 50L coming your way each year won't suffice.
Can you please elaborate on how 5L wouldn't suffice to lead a decent life?

 

[Deleted member 11974]

There is already a huge skilled labour shortage. Less so in white-collar jobs, but it is quite prevalent.
Another thing to blame is the quality of graduates being thrown out of random education institutions in India.

if there was a white collar shortage i believe wages would have skyrocketed
and yes agree on the quality of graduates declining as well

 

[Deleted member 11974]

That depends on the individual, right? As I said earlier, it is a gift to be able to live in India considering the cost of living conditions. You need to tailor your lifestyle around your income, and with a 5L income, I think you can lead a pretty good life in India. If you want to lead a flashy lifestyle, even 50L coming your way each won't suffice.
Can you please elaborate on how 5L wouldn't suffice to lead a decent life?

in a tier 1 city your average rent for a pg would be close to 15-20k if we were to talk about livable conditions
that 3.6l out of your ctc gone here.
even assuming the whole 5L IS IN HAND your to and fro travel your chepaest of cheap office attire and basic food would take your total cost for the year way above 5L
rest you can do the math.
no if to survive on a 5l ctc you would need to live in dharavi then it speaks a lot about the corporate culture

 

[CARDBITRAGE]

if there was a white collar shortage i believe wages would have skyrocketed
and yes agree on the quality of graduates declining as well

There is a shortage for sure. At least that is what I have observed in the MSMEs.
Wages are rising in certain sectors/jobs, but I can agree that in general, wages are not rising in line with inflation. Honestly, almost everyone has become profit-oriented these days and pushing for stronger growth in bottom lines year-on-year. The easiest way to achieve this is by keeping a leash on the employment costs. This is why I'm going on about how we are lucky here in India with a very low cost of living. This is a much bigger problem outside India, where I hear from family and friends about how their savings have shrunk by over 30-40% after COVID. My sister says it's a nightmare to live in London now where inflation is rampant.

 

[CARDBITRAGE]

in a tier 1 city your average rent for a pg would be close to 15-20k if we were to talk about livable conditions
that 3.6l out of your ctc gone here.
even assuming the whole 5L IS IN HAND your to and fro travel your chepaest of cheap office attire and basic food would take your total cost for the year way above 5L
rest you can do the math.
no if to survive on a 5l ctc you would need to live in dharavi then it speaks a lot about the corporate culture

15-20k is a stretch no? I think 5-10k on living expenses is a reasonable assumption if you aren't considering living lavishly. Most companies should cover travel, and if they don't, buses should operate almost everywhere. So 3k/month at max? Food is subjective, but I expect they should probably eat at home more often. So 10k/month on food. That's about half their income gone. The other half can be split into investment and savings. This is a pretty decent life.

 

[Deleted member 9785]

That depends on the individual, right? As I said earlier, it is a gift to be able to live in India considering the cost of living conditions. You need to tailor your lifestyle around your income, and with a 5L income, I think you can lead a pretty good life in India. If you want to lead a flashy lifestyle, even 50L coming your way each year won't suffice.
Can you please elaborate on how 5L wouldn't suffice to lead a decent life?

IT sector jobs are dead

 

[Slayer]

My sister says it's a nightmare to live in London now where inflation is rampant.

People who live in Lundun or Paris - idk how they even are able to live in such cities where everything is bad - at times these places are worse than worst parts of NCR

 

[anotheruser]

15-20k is a stretch no? I think 5-10k on living expenses is a reasonable assumption if you aren't considering living lavishly. Most companies should cover travel, and if they don't, buses should operate almost everywhere. So 3k/month at max? Food is subjective, but I expect they should probably eat at home more often. So 10k/month on food. That's about half their income gone. The other half can be split into investment and savings. This is a pretty decent life.

Its not. I will talk about Bangalore as thats what I have idea of.I have heard similar from my friends in other metro cities as well. 15-20k is now sort of new normal for PG . Even then, if location is close to techparks, it becomes shared room in same cost.
One of the biggest issue is, if in close by techparks, let say some companies pay high and some pay low, as per demand surge(post covid), prices are solely decided by ability to pay. Hence, if you are being paid good, you might afford living nearby, else you'll need to go farther and farther.
And public transport is again public transport. Considering the population we have, no amount of public transport is sufficient enough.
Also, as rentals are higher, everything else becomes costly as every industry(folks working in it) bears brunt of increased rentals and they increase prices to adjust spiralling cost throughout
You may survive at 5L but it wont be "pretty decent".

 

[Slayer]

Its not. I will talk about Bangalore as thats what I have idea of.I have heard similar from my friends in other metro cities as well. 15-20k is now sort of new normal for PG . Even then, if location is close to techparks, it becomes shared room in same cost.
One of the biggest issue is, if in close by techparks, let say some companies pay high and some pay low, as per demand surge(post covid), prices are solely decided by ability to pay. Hence, if you are being paid good, you might afford living nearby, else you'll need to go farther and farther.
And public transport is again public transport. Considering the population we have, no amount of public transport is sufficient enough.
Also, as rentals are higher, everything else becomes costly as every industry(folks working in it) bears brunt of increased rentals and they increase prices to adjust spiralling cost throughout
You may survive at 5L but it wont be "pretty decent".

Bangalore is literally the LA of India - overpriced overrated overtaxed

 

[anotheruser]

Bangalore is literally the LA of India - overpriced overrated overtaxed

But I have heard similar stories from people in other metro cities now a days. So I believe all T1 cities(atleast) have been impacted by this, different scale maybe