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They are intentionally delaying the appraisal to next month or possibly even further so they can retain the increment portion for April and the following months, as they never pay arrears.
They will even take a cut from what is already peanuts.
Calling this a hike letter is generous - it reads more like a cleverly packaged pay cut.
The mail says -
After putting in two years of dedicated work without any appraisal, congratulations - you’ll finally get the “generous” 5% increment they always give.
Of course, 70% of that will be tucked away into variable pay (which may or may not ever fully reach you), leaving a solid 1.5% actual increase in fixed salary. And just to make it better, it’s effective from July instead of April - because why not scrape more from dedicated employees by delaying it a little more?
You guys were correct it’s Pretty same