Salary comparison - India & US

Date established	Salary	Salary in 2008 dollars
September 24, 1789	$25,000	$566,000
March 3, 1873	$50,000	$865,000
March 4, 1909	$75,000	$1,714,000
January 19, 1949	$100,000	$875,000
January 20, 1969	$200,000	$1,135,000
January 20, 2001	$400,000	$4,710,000

Proposed Salaries for elected representatives in India but never implemented

Annual Salaries
1. President of India: 1 Crore(10Million Rupees) = 250,000/annum $ less than US president
2. MP( Member of Parliament): 50 L (5 Million Rupees)
3. MLA(Member of Legislative Assembly):24L (2.4 Million Rupees)
4. Municipal Corporaters(Metros): 12L (1.2 Million Rupees)
5. Municipal Corporaters(2nd rung towns): 6L (600,000 Rupees)
6. Municipal Corporaters(small towns): 3L (300,000 Rupees)
7. Village Panchayat Members: 1.5L (150,000 Rupees)

Pension for next 5 years after they are no longer elected representatives:
1. MP( Member of Parliament): 25 L (2.5 Million Rupees)
2. MLA(Member of Legislative Assembly):12L (1.2 Million Rupees)
3. Municipal Corporaters(Metros): 6L (600,000 Rupees)
4. Municipal Corporaters(2nd rung towns): 3L (300,000 Rupees)
5. Municipal Corporaters(small towns): 2L (200,000 Rupees)
6. Village Panchayat Members: 1L (100,000 Rupees)

At present president gets 1 lakh Rupees month and Vice president & governers get 75,000 Rs/ month. Pension to past presidents at 6 lakh/ year

IT salaries in India and USA contrasted

Reduce your costs by outsaucing to India

By INQUIRER staff: Sunday, 31 August 2003, 12:57 PM

A WEB SITE has given a clear idea of just how much you can reduce costs if you hire your IT staff in India rather than in the US of A.

While comparisons are no doubt odious, according to PBS, quoting International Labour Organization and Paaras Group figures, a programmer can earn $66,100 in the US, but only $10,000 in India.

If you're a mechanical engineer in the US, you can expect to get around $55,600 but only $5,900 in the subcontinent.

And even beancounters are cheaper in India, earning $5,000 a year rather than $41,000.

An IT manager only picks up $8,500 in India, while in the USA she or he can expect to earn around $55,000.

The same site estimates, ussing Forrester Research figures, that by 2015 1,659,310 office jobs will go to India. By 2015, 348,028 businesses will move from the USA to India. And the number of computer jobs moved by 2015 is estimated to be 427,632.

Government salary for architects

Imagine a senior architect who can retire gets 24,000 Rs/month - only that too in central Government highest post.

Civil & Architecture Job in BHEL

Bharat Heavy Electrical Limited (BHEL) invites application from eligible Indian candidates for following positions:-

CIVIL
Post: Engineer for the pay Scale of Rs.17525/-. No. of Total Post: 10
Post: Sr. Engineer for the pay Scale of Rs.18300/- No. of Total Post: 10
Post: Dy. Engineer for the pay Scale of Rs.20800/- No. of Total Post: 09
Post: Manager for the pay Scale of Rs.22300/- No. of Total Post: 02
Post: Sr. Manager for the pay Scale of Rs.23900/-. No. of Total Post: 01

ARCHITECTURE
Post: Engineer for the pay Scale of Rs.17525/-. No. of Total Post: 01
Post: Sr. Engineer for the pay Scale of Rs.18300/- No. of Total Post: 01
Post: Dy. Engineer for the pay Scale of Rs.20800/- No. of Total Post: 01
Post: Manager for the pay Scale of Rs.22300/- No. of Total Post: 01
Post: Sr. Manager for the pay Scale of Rs.23900/-. No. of Total Post: 01

Qualification:-
For CIVIL - Bachelor Degree in Civil Engineering with 60% marks
For Architecture - Bachelor Degree in Architecture.

Reservation:-
For General Candidate: 19 Nos
For Schedule Caste Candidate: 05 Nos
For Schedule Tribe Candidate: 02 Nos
For Other Backward Class Candidate: 09 Nos

Application completed in all respect along with attested passport size photograph and educational certificates should be reach to Sr. Manager (HR) BHEL, Power Sector, Project Engineering Management, Human Resources Department, PPEI Building, Plot No.25, Sector – 16A, Noida – 01 before 27.06.2008


UGC PAY SCALE (from HP University adv)

PROFESSOR (Pay Scale Rs. 16400-22400 )

Readers (Pay Scale Rs. 12000-18300)

Lecturers (Pay Scale Rs. 8000-13500)

Readers in International Centre for Distance Education and Open Learning :- (Pay Scale Rs. 12000-18300)

Director Physical Education and Youth Programme—1 ( Pay Scale Rs 16400-22400) UGC

ANHRA PRADESH GOVERNMENT PAY SCALES

Grade & Rate of Daily Allowance:
3.1 The classification of officers into grades and the rates of daily allowance
admissible within and outside the state shall be as indicated below:
D.A. for tours D.A. for tours to
Grade within the any place outside the State
Rs. Rs.
Grade-I (includes all IAS officers, Collectors & CM Secretaries)
Rs.14305-25965 and above 200/- 250/-
Grade-II
Rs.7770-17455 to Rs.13285 – 25315 125/- 150/-
Grade-III
Rest of the employees 100/- 125/-

(ii) For any fraction of 24 hours of absence the rates of Daily Allowance
shall be as follows:
(a) Absence of 12 hours and more --- 1 Daily allowance.
(b) Absence of Six hours and more --- 1/2 Daily allowance.
(c) Absence of less than six hours --- No Daily Allowance.

The salaries in India Government are being revised as of march 2008 - The maximum salary (Secretary to GOI/equivalent) has, accordingly, been pegged at Rs.80000 per month which works out to minimum: maximum ratio of 1:12.

The remuneration, fees
and honorarium structure payable to experts/eminent persons
coming as guest faculty may be made flexible with the upper
limit being raised to Rs.4000 per session with full delegation of
powers to the Heads of Departments within the budget ceiling.

The Commission, therefore, recommends that the posts of
Manager (Procurement/Processing/Quality Control/Distribution)
and Senior Dairy Engineer may be placed in the pay scale of
Rs.12000-16500 corresponding to the revised pay band PB-3 of
Rs.15600-39100 along with grade pay of Rs.6600.

In the scheme
of running pay bands, one single pay band PB-3 of Rs.15600-39100
has been proposed for the posts from Junior Time Scale to the Senior
Administrative Grade

Scale of Rs.26,000 (fixed) equal to that of DG in other Para
Military Forces like CRPF and BSF has been demanded for the
post of DG, Coast Guard.

The post of Accountant that is presently in the pay scale of
Rs.5500-9000 shall automatically be placed in the next higher scale of
Rs.6500-10500 on account of the reorganization of the pay scales
being recommended by the Commission. The next higher post of
Assistant Accounts Officer should, therefore, be upgraded and
placed in the running pay band PB-2 of Rs.8700-34800 along with a
grade pay of Rs.4600 corresponding to the pre-revised pay scale of
Rs.7450-11500.

The Commission recommends that the posts of
Senior Judicial Assistants, Senior Personal Assistants, Readers,
Senior Judicial Translators, Court Officers and other analogous
posts which are presently in the pay scale of Rs.6500-10500 may
be extended the scale of Rs.8000-13500 corresponding to the
revised pay band PB-2 of Rs.8700-34800 along with grade pay of
Rs.5400 on completion of four years service in the scale of
Rs.6500-10500. After the implementation of the
recommendations made by this Commission, the grade pay of
Rs.5400 may be extended only on completion of four years
service carrying the grade pay of Rs.4600.

Mutual Funds SIP - Best way to Save Money

Mutual Funds SIP - Best way to Save Money By: mprasad_in | Dec 30, 2007 12:42 PM Read 452 times Rated by 0 member Pros: Good Return Potential over long period Cons: Market Risk

Looking for Wealth Creation over a period of 5,10 or 20 years. Start a monthly SIP of 500,1000,2000 with good mutual fund houses such

as Reliance, Franklin Templeton, Sundaram MF.

You can get good lumpsum amount after 5,10 or 20 years. SIP works on the basis of rupee cost averaging.

You can expect a return of 25-30% in a year. Senior citizens also can save in SIP and they can choose Balanced Fund since the risk is less compared to diversified equity funds.

Compared to bank deposits or post office deposit schemes, MF SIP are the better way to save your money.

You can visit different websites such as www.valueresearchonline.com and www.mutualfundsindia.com to know more about mutual fund schemes and SIP. The minimum period of SIP Investment is 12 months for Rs.500 per month and 6 months for Rs.1000

Steps to reduce fuel consumption

Steps

1

Reduce the usage of your vehicle

Try to car pool with a few friends or colleagues at work. This can potentially cut your fuel bill by about 25% or more each month. The few extra minutes it will take to pick up all your car poolers is well worth your savings. In addition it will get you more disciplined in getting ready for work each day.

2

Try taking Public Transportation like bus, train or shared auto/taxi if available in your city or town. In addition to saving you money you will not have to deal with the stress of driving in India’s congested roads.

3

If you currently rent a house consider moving to a different location that is closer to your work and/or your children’s school. Not only will you save money but will also have more time to spend with your family.

4

Another alternative is to avoid using your car for 1-2 days of the week. Several cities around the world have started putting in such a restriction to reduce fuel consumption as well as to relieve traffic congestion.

5

If you are a white-collar worker gather the support of your colleagues at work to request the company to allow you to work 1 day of the week from home. Several companies in the U.S. and Europe allow employees to work from home and studies have shown that this practice actually improves productivity.

6

Also consider using a two-wheeler or taking a walk for doing your shopping. Or talk to your neighbors and create a combined shopping list, and take turns doing the grocery shopping.

7

Increase your vehicle’s fuel efficiency

Keeping your vehicle’s tires inflated at the recommended pressure, performing the oil changes on time and keeping the engine well tuned can save you 10-15% on fuel efficiency.

8

Consider converting your vehicle to use LPG or Natural Gas. An investment of about Rs 40,000 – Rs 60,000 will result in a 40% savings on operating costs and will also reduce the amount of pollution caused by your vehicle. This type of conversion allows your vehicle to be operated with both petrol or gas.

9

Avoid busy roads as your vehicle burns more fuel when running on lower gears. Also reduce the amount of braking and fast acceleration.

10

Switch off you’re a/c when your car is running at low speeds. Lowering your windows at high speeds will increase wind resistance and reduce fuel efficiency so always run your car with the windows up on highways.

11

Be Smart when purchasing a New Vehicle

When planning a purchase of a new vehicle consider the fact that fuel prices will continue to go up significantly for the next 5-10 years. Keeping this in mind buy the most fuel efficient vehicle that will serve your family and work needs.

12

Consider buying a vehicle that will run on LPG or CNG. Both Maruti and Hyundai are offering vehicles that run on either forms of gas and more manufacturers are sure to follow.

Another Way to Save Big Money Every Month

Another Way to Save Big Money Every Month

There are three general strategies you can use to become debt free. One of the most powerful is to reduce expenses. Reducing your expenses will increase your disposable income and allow you to divert more of your monthly personal revenue toward retiring debt. To find where there is the most room in the typical (what the heck is that anyway?) American’s budget for cuts, we’ll just take a quick look at the statistics for average personal expenditures, generously provided by Uncle Sam’s U.S. Department of Labor.

According to the Feds, the average American spent $46,409 annually in 2005, the last year with available data. In 2004, Americans spent $43,395. The largest single expense category in ’04 was housing, at $13,918, or 32.1% of all expenditures. In 2^nd place in the competition for American’s dollars was transportation, at $7,801 annually, or a whopping 18% of our yearly expenditures. We spend more to get around than for anything else besides a roof over our heads! Third place was food, at $5,781 per annum.

Coming in at number 4 on the annual expenditure list in 2004 was personal insurance and pensions. Guess what comprised the largest component of the category? Give up? The correct answer would be Social Security, at an average of $4,433 a year. That works out to a monthly average contribution of about $370. Imagine what you could so with that if you were to invest it at a piddling 6%, compounded? Instead of waiting for their meager Social Security stipend every month, Americans would have some real assets. That $4,433 annual contribution, broken into monthly contributions, would balloon into over $736,000 at the end of a 40 year career! To make it even more attractive, it would be all yours, to do with as you saw fit. If you retired at 65, after beginning contributions at age 25, you’d be able to withdraw a monthly check of over $4,400 for the next 30 years, assuming you maintained the same 6% rate of return.

Imagine what you could do if you averaged only a little higher return rate, say 8%. Don’t bother, I’ll tell you. You’d have amassed a retirement nest egg of $1,291,673. I’m not altogether sure, but I dare say that you’ll not have an account with your name on it and over a million dollars in it under our current system. Had you availed yourself of that $1,291,673, and again, maintained the 8% rate for the next 30 years, you could pay yourself $9,477.84 each month. I bet most of you would be getting a raise after retirement with monthly checks of that magnitude.

Now that I’ve concluded my daily rant about private retirement accounts, back to the original theme of reducing expenses. The areas of largest expenses would seem to have the greatest capacity for savings. One of the largest subcategories with each major expense category is insurance. These days Americans have insurance for everything. Partly because of legislation, partly due to the sad propensity of Americans to litigate for every little thing, and partly because it makes good financial sense, we have now insured our cars, homes, lives, boats, motorcycles, businesses, pets (really!), health, and just about everything else.

Due to the sheer amount of money spent on insurance each year, there is substantial room for the average person to realize substantial savings. Most people haven’t shopped for, or compared insurance plans. Because of that great business equalizer, competition, you may be cheating yourself out of money every month. In the last few years, more companies have sprung up that will shop various companies for you to compare rates among different insurance providers. This is a real benefit to consumers. So much so that other industries are seeing similar businesses arise.

Here are some firms that will look at the market and compare rates of different insurance providers for you. You may be able to save significant amounts from your monthly insurance bills, with the most likely savings coming on Auto and Life insurance.

Top 10 Everyday Ways to Save Money

Top 10 Everyday Ways to Save Money

“The waste of money cures itself, for soon there is no more to waste.”

- M.W. Harrison

Do you feel nervous waiting for the ATM to print out your account balance? Do you find yourself often gazing into an empty wallet, confused?

boost your saving

It’s getting harder to blame savings shortfalls on your miserable pay stub. In fact, how much you save has little to do with your income, research by economists shows. It has more to do with whether you want to save and are willing to adjust to boost your saving.

And you don’t have to be a financial analyst to keep yourself from spending money like a dunce.

Here you will find ten simple, everyday things you can do to put an end to living from paycheck to paycheck.

10. Resist Eating Out

It’s tempting to let someone else do the cooking for you, especially when you’ve just come home from a full day of working. Ordering in or eating out may seem like a way to make your life easier, but it’s an expensive means of doing so.

Taking the extra half-hour at night to make your own dinner, or the extra ten minutes to prepare lunch for the next day, may save you a host of worries when it comes time to pay the bills. If you feel a bit in the dark when it comes to cuisine, well hey, you can find a lot of useful advice on the net.

Cash saved: If you’re dropping $6 daily on a sandwich and salad from the cafe in the lobby, slapping some meat and cheese on a bun the night before instead is going to save you $30 a week. If you’re ordering out a couple of nights a week on top of that, at $10 a dish, you’re looking at a total of $220 monthly that could be slashed from your budget.

9. Avoid Brand Names

We’re not just talking Polo shirts here. If you think about what you routinely buy, more often than not you’ll find that you could be buying a generic version, and the only difference would be the price (and perhaps less attractive packaging).

When you’re grocery shopping, go for the store brands — it really doesn’t matter who makes the aluminum foil or toilet paper you use. The same rule goes for pharmaceuticals, where you can save yourself a fortune if you stick to the no-names.

Oftentimes, the only difference between brand names and generics is the price. Next time you’re at the pharmacy, compare a Tylenol label with that of a generic acetaminophen: you’ll see that even though the Tylenol is a few bucks more, the ingredients and dosage are identical.

Cash saved: A box of 100 Tylenol PM Extra Strength caplets retails for around $12. One generic equivalent is the CVS pharmacy brand, which although equal in quantity and chemical constituents, is more than 25 percent cheaper.

Now, saving nine dollars over three annual acetaminophen purchases seems trivial, but if you extend this philosophy to the rest of your buying habits, you could avoid blowing up to hundreds of dollars over the course of a year.

8. Kick Expensive Habits

If you’re a smoker, you’re probably coughing up a big wad of cash every month for something you shouldn’t be doing in the first place.

If your addiction lies elsewhere, your problems may be way beyond the reach of this particular article. This tip’s a no-brainer: if you have an expensive habit, saving money is probably just one of the many reasons to drop it.

Cash saved: Smoking a pack of cigarettes a day, at $5 a pack, works out to a monthly investment of $160. Not to mention, you’re slowly killing yourself. You do the math.

7. Don’t Spend When You’re Drunk

The sight of an empty wallet is frequently accompanied by a pounding headache and blurred memories of acting like a jackass. The bottle can make a person do foolish things: like picking fights with strangers over their haircuts or buying rounds of shots for the table you met ten minutes earlier.

So take out some insurance, bring a reasonable amount of cash with you to the bar, and leave your bank and credit cards at home. Once you’re broke, it’s probably time to crash anyway.

Cash saved: If you’re prone to buying the crew a round of $3 shots at the end of the night, that’s an additional $30 spent per weekend. The amount hinges, of course, on how popular one is.

6. Avoid Prepayment Plans

There’s a reason why the cable company is always trying to push you into prepayment plans. Authorizing your creditors to dip directly into your bank account is essentially condemning yourself to financial ignorance.

It’s easy to throw a statement away if the balance has already been paid off, but doing so involves overlooking all the little extra fees and rate changes that may pop up. Take the time to examine your bills thoroughly before submitting your payment, and be conscious of where your money is going.

Cash saved: In 2001, Americans paid $2.2 billion dollars in ATM fees. Eliminating monthly fees from your budget, whether it be by negotiating or switching service providers, can save you around $50-$70 every month.

5. Choose Your Phone Company Wisely

This tip could be extended to virtually any customer service, but it’s on phone bills that people tend to get burned the most. Ask questions before you commit to a phone carrier: is its advertised rate a fixed one, or will it increase after the first two minutes of a phone call or the first six months with the company? What additional fees will be billed every month?

If you discover that you’re being billed more than you thought you were, you might not necessarily have to change carriers. Again, competition is intense between these guys, and they certainly don’t want to lose customers. Stage a little freak-out on customer service, and you might find that negotiating lower fees or rates isn’t all that difficult.

Cash saved: Switching carriers or terrifying a customer service agent could cut up to $15 a month off your phone bill, or $180 dollars a year.

4. Don’t Become a Tech Junkie

Gadgets can be terribly addictive. Not only are they fun to play with, but our utter dependence on technology also makes it easy to justify blowing hordes of cash on updating all our toys.

But let’s be honest: Unless you’re Bill Gates, there’s no way you can afford to keep on top of every hardware and software upgrade. So why bother?

Cash saved: This amount depends on the extent of one’s technology addiction. Remedying severe cases can literally translate into thousands of dollars saved a year. Even just passing on this year’s upgrade for your four favorite programs and waiting for the next batch will leave you with an extra $800 in your pocket.

3. Go Easy on the Plastic

Nobody in their right mind would pay 18 percent interest on a car loan, but people seem to have no problem paying comparable rates on their credit card purchases.

I’m not advocating that you trash your card — keeping a consistent balance, even if it’s a low one, on your Visa is good for your credit rating. Just restrict yourself to one card, and contribute a bit more than the minimum payment when the end of the month rolls around. Paying only the minimum doesn’t help towards lowering your balance, it only eliminates the interest for the past period.

Cash saved: Buying a $200 pair of shoes on a credit card with an 18.5 percent annual interest rate will tack an additional $3 and change on the price tag for every month that you leave the balance unpaid. That’s an extra $40 a year, for a single purchase. Pay in cash as frequently as you can.

2. Use Coupons

You might snub your nose at the granny fumbling through her coupons in front of you in the checkout aisle, but she’s probably walking out of the store with a heavier wallet than you are.

Scoop up a coupon leaflet when you go shopping at pharmacies or grocery stores, and keep your eyes peeled for specials.

Cash saved: Following old lady Irma’s lead and clipping coupons could shave a monthly $200 grocery bill down to $150. That works out to a fairly hefty $600 dollars a year.

1. Multiply Your Earnings at the Track

There’s no better place to increase your net worth than at the dog races… I’m just kidding.

Do your best to steer clear of the tracks and casinos.

Cash saved: Come on, you’re kidding, right?

you’re rich! you’re rich!

Now that you have all this extra moolah at your disposal, what do you do with it? Why not make it work for you? Start saving up for a rainy day.

Thinking of career change into Finance - Read This

Want a Wall Street Job? Start Preparing Now

If you're a college or business school student or if you're thinking about a career change, what can you do to prepare to enter the highly competitive world of finance?

I've mentored students from my college and business school, and I've been on both sides of the interview table about 1,000 times over the last 17 years. I've distilled that experience into a handful of factors that separate success from failure, which I'll present today along with some practical advice and resources for the aspiring financier.

Artists Need Not Apply

The primary function of finance is to facilitate the workings of the economy, to be the grease that oils the wheels of progress. Finance is suitable for people whose primary objective is to make a decent (although not necessarily outrageous) income and don't mind working 60 to 100 hours a week on sometimes numbingly dull work. People who have an aptitude for math, computer programming and games such as bridge, backgammon and poker do very well.

Finance is not suitable for people who are creative in the traditional sense (e.g., artists) or interested in the "caring" professions (teachers, doctors). In fact, when I used to do interviews for Morgan Stanley, we were specifically instructed to weed out those personality types. Furthermore, people who want to produce tangible products (software, automobiles) will also find Wall Street frustrating.

Sell Side vs. Buy Side

Firms are oriented either to the sell side or the buy side. Sell-side firms are what people traditionally think of when looking for Wall Street jobs. These firms underwrite securities and advise on mergers and acquisitions through their corporate finance divisions. Their sales and trading divisions make secondary markets in a variety of securities, including stocks, bonds, currencies, swaps, commodities and derivatives. Analysts in research divisions make both macro (overall investment strategy) and micro (company-specific) recommendations. There are entry-level jobs in all three areas, often straight out of company training programs.

Homework Understand the differences between these classifications. Be able to list the top five firms in each category

Commercial bank

Investment bank

Insurance company

Investment management company

Stock brokerage

Commodity/futures brokerage

Discount broker

Full-service broker

Hedge fund

Venture capital firm

Major firms include Goldman Sachs, Morgan Stanley Dean Witter, Citigroup/Salomon Smith Barney, Bear Stearns, Merrill Lynch, Chase/J.P. Morgan and Bank of America. Regulatory changes and mergers are rapidly eroding the division between commercial banks, like Citibank, and investment banks, like Merrill Lynch.

Buy-side firms generally manage portfolios on behalf of clients. They include insurance companies like Aetna, investment management firms like Wellington Management, mutual fund companies like Fidelity and hedge funds like Moore Capital.

Sell-side firms tend to be household names; buy-side firms tend to be less well known. Sell-side firms have higher salaries and higher turnover (i.e., more firings). Both buy- and sell-side firms have analysts (people who study investments) and traders (people who actually buy and sell the securities). Buy-side firms have portfolio managers, who make broad investment decisions. Sell-side firms have proprietary traders, who invest the firm's own capital.

There are also boutique firms (the Quantum Fund, Wasserstein & Perella, the Blackstone Group) that are highly focused on one activity, such as mergers and acquisitions or proprietary trading. Entry-level jobs in these houses are rare.

More Homework Understand the differences between:

Corporate finance

Underwriting

Mergers and acquisitions

Leveraged buyouts/restructuring

Sales and trading

Banking

Investment management

Sell-side firms tend to hire hyperactive people; buy-side firms are more laid-back. This reflects the fact that the sell-side firms take bigger risks and turn capital over faster. Buy-side firms are investing for a generation out in pension plans and the like.

Making the Cut

Getting a job on Wall Street is a very arduous process. Hundreds of people compete for each trading or corporate finance job, going through multiple screens and interviews along the way. Each screen and interview is designed to weed out prospects. Many years ago, when I was an associate at Morgan Stanley, we used candidates' SAT scores to cut 10,000 college student resumes down to 500. Four-year-old SATs were not relevant to anything Morgan Stanley was doing with new hires, but we needed some way to get a handle on the onslaught of applications.

Keep in mind that each resume receives a review averaging 18 seconds. So whatever talents you have, make sure they'll be seen at even the most cursory glance.

Source: http://www.thestreet.com/funds/managerstoolbox/1122099.html

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