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Krishna

Krishna Kumar  |377 Answers  |Ask -

Workplace Expert - Answered on Apr 25, 2024

Krishna Kumar is the founder and CEO of GoMoTech, a company that provides strategic consulting in B2B sales, performance management and digital transformation.
Before branching out on his own, he worked with companies like Microsoft, Rediff, Flipkart and InMobi.
With over 25 years of experience under his belt, KK is a regular speaker at industry events and academic intuitions, both in India as well as abroad.
KK completed his MBA in marketing from the Sri Sathya Sai Institute of Higher Learning in Andhra Pradesh and his management development programme from XLRI, Jamshedpur.
He has also completed his LLB from Nagpur University and diploma in PR from Bhavan’s College of Management, Nagpur, where he was awarded a gold medal.... more
Shubham Question by Shubham on Apr 25, 2024Hindi
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Career

Hi, currently I am working in hcltech as software engineer with 4.1L package and will be getting appraisal in few months so package will be go around 5.5 or 6 so it is right earning with experience of 2.6 year and my age is 26 should I try for career switch.

Ans: Dear Mr.Shubham

Please focus on the value that you are delivering for the organisation and the skills that you are building for yourself, let salary be the outcome. This way your salary will automatically increase as organisation will see value in your work.

All the best.
Career

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HR, Workspace Expert - Answered on Dec 22, 2023

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Hello Sir, i am having around 18 years of experience in IT but according to the market standards and my skillset i feel i am underpaid, should i switch to get a better hike? Also i feel that in market people are giving more importance to lesses experience resources. What needs to be done? Shinoj
Ans: Hello! I understand that you have around 18 years of experience in IT and feel that you are underpaid. It’s natural to feel that way, especially if you feel that your skills are not being adequately compensated. However, before making any decisions, it’s important to do your research and weigh the pros and cons of switching jobs.

According to a recent article on Forbes India, the Indian IT industry has been facing a lot of challenges lately, including layoffs, dropping job volumes, and changing work trends. This has led to a decrease in hiring and active job volumes in the tech sector. In fact, the top four IT companies in India saw a net addition of just 1,940 employees in Q3, the lowest in the last eight quarters. This could make it difficult to find a new job with a better salary.

That being said, if you feel that you are not being paid what you are worth, it might be worth exploring other options. You could start by researching the average salary for someone with your level of experience and skillset. Websites like AmbitionBox can provide you with information on the average salary for IT professionals in India. You could also consider speaking with a recruiter or career counselor to get a better idea of what your skills are worth in the current job market.

It’s also worth noting that while it may seem like less experienced resources are being given more importance in the market, this is not always the case. Many companies value experience and are willing to pay more for it. However, it’s important to remember that the job market is constantly changing, and what may be true today may not be true tomorrow.

In summary, before making any decisions, it’s important to do your research and weigh the pros and cons of switching jobs. You could start by researching the average salary for someone with your level of experience and skillset, and speaking with a recruiter or career counselor to get a better idea of what your skills are worth in the current job market. Remember that the job market is constantly changing, and what may be true today may not be true tomorrow. Good luck! ????

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Patrick

Patrick Dsouza  |819 Answers  |Ask -

CAT, XAT, CMAT, CET Expert - Answered on Jun 05, 2024

Asked by Anonymous - May 20, 2024Hindi
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Hello sir/mam My age is 24 years I have completed my Bsc(MECS) In the year of 2021 Later i completed my MBA in marketing in september (2023) While working as a manager in Fitness industry Taking on responsibilities of sales & operations, During the same time period ,as a means to support myself and family financially to an extent Reason for doing mba instead of mca , i was not sure ,if i would go work in IT ,so, i did my mba with plans of doing course from outside, if i ended up switching Currently i have completed 2.6 years in my current role, I feel like ,i am stuck,burnt out, I am planning for a switch in my career But ,i am confused between IT, & Non IT My friends are suggesting me to do DEVops, which requires me to learn coding language Some are saying to go for Businesses Analysts, as you are a very good communicator, and it requires very less coding I am confused on what should i do Should i switch to IT, If i do ,what are the challenges,that i need to overcome, Are there any other roles which i can try for ,based on my qualifications I am currently earning a salary of 25k per month plus incentives which varies on monthly basis
Ans: There are many options available. You will have to match your interest with what the job market requires. In IT field itself there are many options like Data Science, Data Analyst, Business Analyst, etc. Can go to other relevant fields like Digital Marketing, for which you will have to upskill yourself. Can do so along with your current job.
Developer role may not have a long term prospect with the advent of AI as a lot of developers are losing their jobs.

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Moneywize

Moneywize   |165 Answers  |Ask -

Financial Planner - Answered on Oct 06, 2024

Asked by Anonymous - Oct 05, 2024Hindi
Money
I’m from Pune. I’m 48 with two children. Should I invest in ELSS funds to save tax, or should I focus on traditional instruments like PPF and fixed deposits?
Ans: Deciding between Equity Linked Savings Schemes (ELSS) and traditional investment instruments like Public Provident Fund (PPF) and Fixed Deposits (FDs) depends on various factors, including your financial goals, risk tolerance, investment horizon, and tax-saving needs. Here's a comprehensive comparison to help you make an informed decision:

1. Understanding the Investment Options

a. ELSS (Equity Linked Savings Schemes)

• Nature: Equity Mutual Funds with a tax-saving component.
• Lock-In Period: 3 years (shortest among tax-saving instruments under Section 80C).
• Returns: Potentially higher returns as they are invested in equities, but subject to market volatility.
• Tax Benefits: Investments up to ?1.5 lakh per annum are eligible for deduction under Section 80C.
• Liquidity: Relatively higher liquidity post the lock-in period compared to other tax-saving instruments.

b. PPF (Public Provident Fund)

• Nature: Government-backed long-term savings scheme.
• Lock-In Period: 15 years.
• Returns: Moderate and tax-free returns, revised periodically by the government (typically around 7-8% p.a.).
• Tax Benefits: Investments up to ?1.5 lakh per annum qualify for deduction under Section 80C. The interest earned and the maturity amount are tax-free.
• Safety: Very low risk as it's backed by the government.

c. Fixed Deposits (FDs)

• Nature: Fixed-term investment with banks or post offices.
• Lock-In Period: Varies; typically no lock-in for regular FDs, but tax-saving FDs have a 5-year lock-in.
• Returns: Fixed interest rates, generally lower than ELSS but higher than savings accounts. Current rates vary but are around 5-7% p.a. for tax-saving FDs.
• Tax Benefits: Investments up to ?1.5 lakh in tax-saving FDs qualify for deduction under Section 80C.
• Safety: Low risk, especially with reputable banks.

2. Factors to Consider

a. Risk Appetite

• ELSS: Suitable if you are willing to take on market-related risks for potentially higher returns.
• PPF & FDs: Ideal for conservative investors seeking capital protection and guaranteed returns.

b. Investment Horizon

• ELSS: 3-year lock-in period, but generally better for medium to long-term goals.
• PPF: 15-year commitment, suitable for long-term goals like retirement or children's education.
• FDs: Flexible, but tax-saving FDs require a 5-year lock-in, suitable for medium-term goals.

c. Returns

• ELSS: Historically, ELSS funds have outperformed PPF and FDs over the long term, but with higher volatility.
• PPF: Offers stable and tax-free returns, which are beneficial in a low-interest-rate environment.
• FDs: Provide guaranteed returns, useful for capital preservation but may lag behind inflation and equity returns over time.

d. Tax Efficiency

• ELSS: Returns are subject to capital gains tax. Short-term (if held for less than 3 years) gains are taxed as per your income slab, while long-term gains (exceeding ?1 lakh) are taxed at 10%.
• PPF: Completely tax-free returns.
• FDs: Interest earned is taxable as per your income slab, which can reduce the effective returns.

3. Recommendations Based on Your Profile

Given that you are 48 years old with two children, your investment strategy should balance between growth and safety, considering your proximity to retirement and financial responsibilities.

a. Diversified Approach

A balanced portfolio that includes both ELSS and traditional instruments like PPF and FDs can help mitigate risks while aiming for reasonable growth.

• ELSS: Allocate a portion (e.g., 30-40%) to ELSS to benefit from potential equity growth, which can help in wealth accumulation for retirement or funding children's education.
• PPF: Continue contributing to PPF for long-term, stable, and tax-free returns. Given its 15-year tenure, it aligns well with retirement planning.
• FDs: Use FDs for short to medium-term goals or as a part of your emergency fund, ensuring liquidity and capital preservation.

b. Consider Your Tax Bracket

If you are in a higher tax bracket, maximizing tax-saving instruments under Section 80C can provide significant tax relief. ELSS, PPF, and tax-saving FDs all qualify, so diversifying among them can spread risk and optimize tax benefits.

c. Assess Liquidity Needs

Ensure you have sufficient liquidity for unforeseen expenses. While ELSS has a shorter lock-in compared to PPF, both still tie up funds for a few years. Maintain a separate emergency fund in a more liquid form, such as a savings account or liquid mutual funds.

d. Review Your Risk Tolerance

At 48, with retirement possibly 10-20 years away, a moderate risk appetite might be suitable. ELSS can offer growth potential, while PPF and FDs provide stability.

4. Additional Considerations

• Emergency Fund: Ensure you have 6-12 months' worth of expenses saved in a highly liquid form.
• Insurance: Adequate health and life insurance are crucial, especially with dependents.
• Debt Management: If you have any high-interest debt, prioritize paying it off before locking funds in fixed instruments.

5. Consult a Financial Advisor

While the above guidelines provide a general framework, it's advisable to consult with a certified financial planner or advisor. They can offer personalized advice tailored to your specific financial situation, goals, and risk tolerance.

Finally, both ELSS and traditional instruments like PPF and FDs have their unique advantages. A diversified investment strategy that leverages the strengths of each can help you achieve a balanced portfolio, ensuring both growth and security. Given your age and family responsibilities, striking the right balance between risk and safety is essential for long-term financial well-being.

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Kanchan

Kanchan Rai  |364 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 06, 2024

Asked by Anonymous - Aug 11, 2024Hindi
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Relationship
This is urgent. Pls help. My son 18 yrs has been in a relationship with his classmate. He is intelligent and very venerable as he is innocent.She has been abetting him and his behaviour on the family has changed. He shouts at us and kind of surrendered himself to her. Anything we say irritates him. He has started telling lies. He locks the room and is on the phone hours together. Even if he tells that he is sleepy, she doesn't allow him to sleep. He doesn't know that we are aware of it. We tried to indirectly talk but he doesn't care about anything as he blindly follows her instructions. He doesn't listen to anyone. We feel something is wrong. Should we talk to her parents or use some law? Making them sit and advice doesn't work.
Ans: The challenge here is that he’s likely in a highly emotional and intense phase of his life, where his attachment to this person may feel all-consuming. When someone feels like they're being judged or controlled, they tend to push back harder, and it seems that's what’s happening with your son. Approaching him with confrontation or involving legal measures may only cause him to withdraw even more.

What he needs right now, even if he doesn't realize it, is understanding and connection. If you can find a way to express your concern for his well-being, not just your disapproval of his relationship, it might open up a space for dialogue. He may feel trapped in this relationship in ways he can't yet see. Your role can be to help him feel safe enough to reflect on his own choices, rather than feel he has to defend them.

This is a delicate situation, and while it may seem urgent, sometimes a softer approach allows for a deeper breakthrough. Your patience, love, and ability to listen might be the key to guiding him through this

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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