C1 to C2 Promotion. Does the in hand salary actually increase?

I got close to 16% hike in C1 to C2 promotions. The QVA component is doubled, the HIS premium is doubled (for same benefits). Monthly performance pay is reduced. Basic Salary increases by just 600/- per month.

looks the in hand salary will just go up by 2-3k. Is this just a promotion of role?