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To set the stage, I work for (insert cool computer company) in Chennai (South India). Here’s what has happened so far since the recession started:
1. ‘NO HIKE THIS YEAR’ was the circular [memo] that we got last December at (insert cool computer company). I was in for a nice hike as I got the top rating for my performance. (hike=pay raise)
2. Second circular during the month of Feb. (aforementioned cool company) had an excellent quarter despite the global economic slowdown. Still, they went ahead announcing that we would have to forgo 5% of our dear cost-to-company. They even said that it’s better to lose 5% than losing the job!
3. Third one is the harshest for me..I was in for a promotion, and I was told that I cannot be promoted since promotion attracts a certain percentage of PAY HIKE, and that it is against the current (cool computer company) policy of no hike and 5% pay cut!
4. I bought a house last year, and I made the mistake of approaching a private bank for the loan. The builder had a nice deal with the bank, and I was the bakra [scapegoat] there! Result: when most public sector banks have slashed the interest rates, this private bank is just too adamant scourging me (and others in the middle class) with high interest rates.
So to summarize: no pay hikes, a 5% pay cut, no promotion (because of the lack of pay hike and 5% pay cut) and soaring interest rates being peddled by private banks. India may be growing economically in some aspects, but we’re suffering just like everyone else in most aspects.
Well, all these add up to just one thing.. recession-proof yourself. Try to earn as much money you can so that you can spend happily during tough times like these.
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