Have around 8.5 years experience as business analyst , my package is 16.25lpa in a product based company is it too low?

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Not low but you will get more when you join new company

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I have 8 years exp amd salary is 4.75lpa and now struggling to get job even if i ask for 8 lpa

Yes, your salary could be at least 3X of your yoe

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It's not too low but it can be at least double this

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