Do you know how much the entry level salary has increased in the last 10 years?
Well , the answer is 42.5%.
Based on our research on the offer letter,
Well, this is not a sustainable growth if you consider the steep rise in price of general commodities.
Most of the price has doubled in the last 10 years. The price of the basic necessity of Food, Clothes and Shelter has almost doubled in the last 10 years.
Our editorial team quickly picked up 10 items which has doubled in the last 10 years:
See the mailer of offer letter of Fresher given by Cognizant, in 2015.
Greetings from Cognizant.
In continuation to our discussion, we are pleased to offer you the role of Programmer Analyst Trainee in Cognizant Technology Solutions India Private Limited (“COGNIZANT”)
During your probation period of twelve months which includes your training program , you are entitled to an annual total remuneration (TR) of Rs 301, 500/-; This includes an annual incentive indication of Rs 20,000 as well as Cognizant`s contribution of Rs 11,500/- towards benefit such as medical, accidental, life-insurance and gratuity.
Once you successfully compete the probation period, clear the required training assessments , and subject to you being part of delivery projects , your Annual Total Compensation (ATC) will be revised to Rs 3,35,000 /- . This includes an incentive component (target) of Rs 20,000/-. Cognizant will continue its contribution towards benefits such as medical, life-insurance, accident and gratuity as part of your total remuneration (TR) package.
Your appointment will be governed by the terms and conditions of employment as explained in Annexure B. You will also be governed by the other rules, regulations and practices in vogue and those that may change from time to time. Your compensation is highly confidential and if the arises you may discuss it only with your manager.
As per current plans your likely date of joining will be between March 2015 and Q2 2015. At the time of joining please submit the following documents:
|NAME: name||DESIGNATION: Programmer Analyst Trainee|
|2||HRA @ 60% of the Basic*||4,725||56,700|
|5||Company`s contribution to PF||945||11,340|
|7||Incentive Indication (per annum)**||20,000|
|Company`s Contribution Towards Benefit (Medical, Accident, Life Insurance and Gratuity)||11,500|
|Annual Total Remuneration||301,500|
As an associate, you are also entitled to the following additional benefits:
#PF is contributed at 12% of your basic subject to a minimum of Rs 780/- per month . If you are an International Worker, it is contributed at 12% of your monthly gross compensation excluding HRA.
*Flexible Benefit Plan : Your compensation has been structured to ensure that you are adequately empowered to apportion components of your salary ina manner that suits you the best. This plan will enable you to
1. Choose from a bouquet of allowances or benefits
2. Redefine your salary structure with prescribed guidelines
3. Optimize your earnings
**Incentive Indications: Incentive amount may be higher, lower or nil as per the terms described herein. The incentive program is discretionary, subject to change, and based on individual and company performance. It is pro-rated to the duration spent with Cognizant for a calendar year and will be paid to you only if you are active on Cognizant`s payroll on the day the incentive is paid.
Although the salary has increased only by 43% but the onsite opportunities has increased. Apart from that you have a night shift allowance of Rs 300. Even if you do night shift of 2 weeks you can make an additional Rs. 3000 per month. The product companies and startup have understood this problem and their salary and stock options has more than doubled in the past 10 years.
Well to make the job offer lucrative, even the service companies should raise the salary of Entry Level professionals.
DO YOU AGREE?