‘Anything less than 60LPA is poor’: Finance techie’s definition of ‘middle class’ sparks backlash | Trending

A fintech techie’s post about income inequality in India has gone viral after he claimed that anyone earning less than ₹60 lakh a year should be considered “poor”. ₹2 lakhs per month is middle class.(Representational)” title=”The X user claimed anyone earning ₹2 lakhs per month is middle class.(Representational)” /> ₹2 lakhs per month is middle class.(Representational)” title=”The X user claimed anyone earning ₹2 lakhs per month is middle class.(Representational)” /> The X user claimed anyone earning ₹2 lakhs per month is middle class.(Representational) The comment was a response to another post on the new income tax slabs introduced the government in the Union Budget. “Only IT folks are crying about today’s tax rebate up to 12L. For many in non-IT fields, 12L is a dream salary even after 7-10 years of experience. These IT folks earning 24L+ should stop calling themselves “lower middle class.” Forget 12L—check the median salary of India and see where you stand. Acting like you’re poor with a 24L salary? Please stop the nonsense,” the post read. ‘You aren’t rich if…’The fintech enthusiast hit back at the post, claiming that 70% of the income is paid as taxes like GST and VAT and anyone earning ₹2 lakhs per month is middle class. “Anything less than 60LPA is poor. You pay 70% income as taxes in the form of GST, income tax & VAT. Less than 2LPM net- is middle class. People making 60L-1cr are middle class. Those making above 1cr+ are upper middle class. You aren’t rich if you don’t have generational wealth,” he said. “If you earn 60LPA, it would take minimum 5-6 years to own a flat in a metro city, assuming for a spouse and two kids,” he added. Even after receiving backlash online for his comments, the X user stuck his stance. “A house, decent schooling and healthcare is increasingly getting impossible for most people, they’re poor- not middle class,” he added. Comments spark backlashUsers in the comments were furious at the take and hit out at the post for rage baiting. “If 60L–1Cr is “middle class,” then what’s 12L? Below poverty line? This isn’t economics, it’s just troll farming. Keep moving the goalposts, and soon “rich” will mean buying a flat in Mumbai cash down,” said one of them. “Income tax slab itself provides good benchmark to categorise people. People earning below 4LPA are Low income group. 4-8 lower middle class,8-12 middle class. 12-15 upper middle class. 15-20 upper class. Only one person earning 12L in a family of 4 should be calculated as 12/4,” wrote another. However, many users agreed with his take. “That’s true, 50 lakh is minimum needed to live a decent life in Mumbai and Bengaluru metro cities,” said one of them. (Also read: Indian lawyer feels ‘cheated’ after moving to Europe: ‘How have we been living?’) “Making 60 LPA makes you lower middle class. Middle class are those who can afford to buy 5 crore property and a luxury car at will. Rich are those with 100 crore net worth,” wrote another.