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5 Tips to Increase Your Take-Home Pay

By SiliconIndia   |   Tuesday, August 30, 2011   |    2 Comments
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Bangalore: Several people opt for a career shift, the only reason being they are underpaid and underwhelmed. Even in case of salary hikes after appraisals. Though you may have been given a good hike of 20 percent, the actual take-home salary would increase by less than 10 percent. This is not an uncommon experience. One question that keeps hovering on a salaried professional's mind is; given the fixed amount of salary, how to increase the net take home amount? There are multiple options available for you to increase your take home given the fixed CTC or gross income: Take On More Responsibility
5 Tips to Increase Your Take-Home Pay
Taking on additional duties could lead to an increase in either base salary or commissions. Are there other work-related duties you could add to your schedule for more pay? Take advantage of overtime hours. You might receive benefits from this action due to an upcoming promotion. Volunteer to take up a variety of new responsibilities. If you want your boss to have a good impression on you and consider your dedication and potential at work place, you could take up some specific managerial or project-related duties. This will help you build your individual profile, which in turn will have a greater impact during promotions or reviews.

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Reader's comments(2)
1: 8 to 5 job can help pay bills. 7pm to 10 pm can help to create wealth. The best way is to look for biz opportunity which does not have conflict of interest with the day job. Going for part time job may help get money now but does not help create wealth.
Posted by:Lakshmanan - 31 Aug, 2011
2: Best way to increase ones pay for engineers is to start a private consultancy or busniness in free time - evenings and weekends. This might sound harsh - but someday, the corporates will lay off engineers with not rhyme and reason. Especially for those in their 40s (age), prospects are rehire go down with age. If one has nurtured the thought of a productive business with free time, it could be a golden parchute to quit corporate slavery one day (in the best case). In the worst case, it will be your lifeline whey they lay you off. Everything else written here is common sense. I do not recommend taking extra responsibility at work. The returns are diminishing. In the US, the top performers get 10% annual rise in the best of case, for putting in extra 3 hours every day. The average performer gets 3% standard inflation adjusted rise for a normal 9-5 work schedule. Decide if the extra 7% will be worth an additional 37% investment of time. If you can work in private time at even half the pay for those 3 hours, the income gain is at least 18%.
Posted by:harit124 - 30 Aug, 2011
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