> Hm...does your boss and your company know what market rates are?

I am sure he does not. (He moved back recently, after working in the US for around last 20 years). I brought up this issue indirectly several times, when we tried to recruit people, conducted campus drives. Recently, a colleague of mine (who used to get the same salary as myself), left for over 70% salary hike. I intend to present more data points when talking to him.

How do I say "I think you are out of touch of the market rates for my skillset", without hurting his feelings/implying the company is cheap?

I actually prefer benefit (of possibly remote work, from a less expensive/better city), than hike. I just dont know how to bring it up. (ie, how to word it, without feeling/sounding awkward/needy.)