Current
Company - Tier-1 IB
YoE - 1+ year
Base - 13.78 LPA
Variable - 2.2 L
Retention - 7 L (1 + 3 + 3 L)

Total - 23 LPA (Current Year - 17 LPA)

Offer
Base - 21.5 LPA
Variable - 2 L

Total - 23.5 LPA (Same for current year onwards)

I am confused if I should take this offer.

Edit: I presented a counter offer, and they revised the offer to 23+2 LPA.