Stipend rate and Trainees

Ladies and Gentlemen, the wait is over now, it has arrived for whom all trainees have been waiting since last year. The trainees just got rich by Rs 1000!!! 

In the hot days of summer, when the sun is roasting our bodies and everyone’s mind is fully heated either by “Qoum ki tabahi caused by gangster gudiya” or by “parchi of Imam-ul-Haq”, ICAP being generous towards its trainees decided to announce an increase in stipend rates. An increment of whole Rs.1000 has been applied to the stipend rate. 

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It felt like a drizzle of rain to trainees. All students cheered this circulation, congratulated each other and started planning what to do with this one extra solid note of Rs.1000 in their pockets. We are flabbergasted with enormous gratification and appreciation for the incredible increase of trainee stipend. We started wondering what we can do with extra “ONE THOUSAND”. At this tough time when the government is increasing prices and imposing taxes on each tiny commodity, ICAP poured some ointment on the wounds of trainees by increasing Rs.1000. How generous of ICAP !!! 

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Ask those peeps how much heartache they suffered when cigarette’s price hiked. Ask those C.A nibbies, how they felt when they heard about the imposition of taxes on cosmetics.

 ICAP claiming to be our companion of hard times showed some generosity to all sinking hearts and increased stipend by a total amount of Rs.1000. While trainees are still wondering where is the increase. 

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Some friends discussed their various investment plans and made lists of the luxurious items they always wanted to buy, but couldn’t afford due to high prices but now, they are Rich, they can buy anything they want because they got an additional Rs.1000 credited to their accounts.

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Dear ICAP, we know you want to see us as who have sophisticated behavior, well groomed and calm minded creatures on this planet. To accomplish this you drowned us into the deep dark sea of BUDGETING in COST AND MANAGEMENT ACCOUNTING. After passing CMA I felt like I am able to plan budgets for companies but my cruel thought slapped me when I  realized I have to budget my expense in Rs.12,700. Please listen to trainee’s concern and try to bridge the gap. 

Trainee’s issues:

Most students find it difficult to manage their expenses. Daily traveling expense, food cost, paying tuition fee, exam fee, and miscellaneous sum up to an amount greater than Rs.12,700. Story of hostelries is even more tragic.

Firms don’t pay trainees bonus for overtime and working weekends.

Late payment of stipend causes trouble.

Unfortunately, ICAP is silent on the non-implication of policies by firms. The stipend should be raised keeping the current economy of the country in mind. Even if you treat stipend like pocket money, still it is not sufficient to meet the daily needs of a grown adult. This increase of Rs.1000 only making total amount Rs.12,700 is not justified. Expenses are much higher than the total stipend.

Trainee’s misconception:

At the other end of the spectrum, trainees also need to erase confusions relating to stipend:

The trainee is not labor. It renders the statement of not being paid minimum labor wage void. Trainees do not come under the definition of “LABOR” under Labor’s Act.  

The trainee gets inducted in the firm to LEARN not to EARN. We forget this often and think earning is our primary concern during articles.

A trainee gets professional training, experience, and knowledge of the market. After indulging into discussions like Labor wage VS. Stipend, we ignore the basic purpose of the training phase.     

Trainees need to be more careful while spending stipend. They shall plan expenses accordingly. Problems will always be there. It is up to you how you tackle them. If you can’t wisely and patiently solve this problem, how will you handle chaotic scenarios of your career?

ICAP has always been famous for its cruel student policies but when it tried to show some concern for its lovely students ICAP faced a backlash. For the first time, I am feeling sympathetic to ICAP. ICAP tried to be “savior” but students once again titled ICAP as “torturer”. Something is better than nothing, what if ICAP didn’t increase even this Rs.1000. We couldn’t do anything.

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So, accept it happily because too much complains kill every little amount of happiness. In the end, I will just say “A person can never be satisfied by his earnings, try to practice gratitude and go with the flow”.

If you want our teachers to guide you and provide you many more helpful tips, contact us by call or WhatsApp at  0347-0171480