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CSM or PSM 1?
11 likes please
Thank you!
Anyone seen a copy of the bill yet?
This is why I secretly avoid 1:1s with my manager!

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Your question is not clear. You are asking about negotiation during a new offer or with your existing organisation?
New offer
If they are not agreeing to match the hike, look for a better offer!
If something is attracting you to the new company apart from salary like WLB, Better role, etc then think about it..otherwise look for better offer..
Being a PwC alumni, I was in the same situation in April. There's no point in arguing with them, just leave. Moreover, you might have heard how they have delayed the increment letters just to delay some attrition, which is so unprofessional.
Just to add, they don't normally provide their retention offer in written.