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YoE x 2.5 or 3 is the right benchmark. You’re above market standards. You’ll get an immediate hike if you make a switch, but there’d be a parity check YoY and you’ll get minimum to zero hikes till all your peers catch up.
For example, I worked in the same company for 7 years and at the end of 7 years I was making more than my peers who switched 3 companies in this span. I also got a decent gratuity payout when I left while my peers missed out. You’ve to switch only when you are off the benchmark. For example 8 years of exp and 8LPA fixed (like in TCS etc). You’ve to account for taxes too. If you end up falling in the next slab, you’ll end up losing out a major chunk of the appraisal.