ZestyPickle

Stable low income Govt job vs High income Pvt

Hi peeps need advice .I am working in a govt PSU with a gross salary of 2 lacs per month.I am 33 years old having passed out from a tier 1 college. All my friends are in the pvt sector and are earning much more than me.Every time I meet them ,i feel a sense of profound sadness. For the past few months i have been thinking of doing a one year MBA program from one of the IIMs ofcourse and moving to the pvt sector.Whats your take on this ?

13mo ago

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WigglyBagel

Stealth13mo

If your work is satisfying, then stay in the PSU. . If you are in one of the maharatnas, then think twice before quitting it. The quality of life is much better in them. In the long run it will be rewarding financially.

ZestyPickle

LIC India13mo

But don't u think that a good consulting firm is much better with way higher pay in the long run

WigglyBagel

Stealth12mo

No, I don't think so. The cost that one has to pay to succeed in consultancy is not worth it. The cost of success is life itself and this I say from first hand experiences that I have been happen to my classmates and cousins.

GigglyHamster

Apple13mo

Govt jobs will be dead end jobs in future will very less society appeal. Right now govt jobs are in declining phase the golden period of govt jobs is over and now new entrants will regret when they will be retiring. Govt job do have job security but rest of things are insecure. India will be developing rapidly and most of the growth will come from new age companies in technology and science whole govt psu and psb will be left behind with very little growth and exposure juggling the transfers. And eventually all psu will be privatised like air India.

SillyCoconut

Stealth13mo

Doesn't apply to grade a services like ias/ifs

QuirkyMarshmallow

Walmart13mo

I don't know where you get your data but one of my friend is working in a PSU in cutting edge technology but getting paid Govt scale. He can easily get 8 digit pay in corporate but his family is not letting him switch from a stable job. No he is not writing a CRUD app for being called cutting edge. I can't talk about it either as it is kind of classified.

WigglyPenguin

Stealth13mo

The factors in government job that might outweigh the private one are

Better management as well as savings of Money because you live in tier 2 or 3 cities and it's less expensive. This also means a lesser quality of life but I see it improving in future. Also tier 1 cities in India sucks really bad.
You get more personal time and better work life balance which you can dedicate to family. As you grow old in private jobs, you may miss on many happy moments of your kids, many relative and friend's important moments, being there when your old parents might need you etc
Security and stress - You can work passionately without fear of losing job and have a job till your late 50s. In private you'll be limited at max to 40s or early 50s. Having less stress in your life will help you age gracefully and more happily.
More in touch with society - I've seen generally that people from government job are more deep rooted with our culture and society as compared to those working in private. You'll find them more social and eventually happy.

QuirkyMarshmallow

Walmart13mo

There is one option though, you can wait until you are eligible for voluntary retirement which will guarantee healthcare and pension for life and then take risk in corporate.