The real value (purchasing power) of the money went down in recent decades.
So if nominally 1.6 million looks big in 1980's terms, nowadays it is not so much. Therefore, if you as a dev are getting 160k, then you are unfairly underpaid.
So if nominally 1.6 million looks big in 1980's terms, nowadays it is not so much. Therefore, if you as a dev are getting 160k, then you are unfairly underpaid.