Last week, Nokia offered financial help to employees who wished to explore opportunities elsewhere
The ISRO spy case is dead. And yet, not dead.
The Department of Heavy Industry has been undertaking appraisals of each loss making CPSE to assess the prospects of revival.
I am fulfilling the promise that I have made, said the PM on One Rank One Pension.
The package includes raising of Rs 15,000 crore sovereign bonds to meet the immediate capital requirement of both the companies, 4G spectrum allocation worth Rs 20,140 crore, Rs 29,937 crore for VRS covering 50 per cent of their employees, and Rs 3,674 crore for goods and services tax that will be levied on allocation of radiowaves.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
About 900 employees would lose their jobs following the suspension of operations at the plant.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Reserve Bank of India is to introduce a voluntary early retirement scheme for its employees.
Industries Minister P Thangamani told the assembly. He was responding to a query by A Sounderrajan of CPI-M.
Hundreds of army veterans held a 'Sainik Ekta' rally to press for "honest and truthful justice" as they rejected the One Rank One Pension scheme announced by the government even as some ex-servicemen groups dissociated themselves from the demonstration.
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
According to official statistics, half of India's GDP comes from as many as 420 million workers in the unorganised sector including street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, among others. This massive workforce remains outside the purview of the formal banking and insurance industries.
Not needed, it says, with 4,600 staffers to retire over next 3 years, plus transfer of 12,000 to new subsidiaries
The company will offer a total of up to 15,06,44,759 ordinary shares
Banks are also weighing the option of hiring experts for help in specialised areas.
Nokia said that it will be informing all stakeholders including the Labour Commissioner of the suspension.
Mobile operators with the exception of Reliance Jio are in a much worse financial condition than expected earlier. The combined borrowing of the four incumbent operators - Bharti Airtel, Vodafone Idea, Bharat Sanchar Nigam (BSNL), and Mahanagar Telephone Nigam (MTNL) - reached an all-time high of Rs 3.85 trillion at the end of March this year. The companies' combined debt was up 22.4 per cent year-on-year last financial year against 8.3 per cent growth in their borrowing in the previous year. As a result, the incumbent operators' debt-equity ratio shot up to an unsustainably high level of 6.83X at the end of March this year from 2.3X at the end of March 2020. This was largely due to big losses reported by all these companies last financial year. The four incumbent operators racked up combined net losses of Rs 70,000 crore in FY21.
While Vedanta Aluminium, Balco and Cairn India confirmed the job cuts, sources said Sesa Goa too had slashed jobs.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
SBI might present the first result for the combined entity at the end of the first quarter of 2017-18
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
From a 15-16-level hierarchy, the organisation is moving to a flat five-level hierarchy.
The list is of companies declared sick as on March 31, 2014.
The government is considering appointing a committee under a judge to go into the issue of equalisation of pension, Major General Satbir Singh (retd), who has been leading the 'One Rank One Pension' protest in Jantar Mantar for the last 80 days, said after a meeting with Defence Minister Manohar Parrikar.
If the government is asking a maximum price for Air India but asks to keep old personnel, it will not match.
Sharmila had claimed that the family has been unable to contact her husband for last three days.
Older workers are headed for the VRS exit in larger-than-expected numbers even as unrest stirs over unrevised wage settlements.
Those willing to take a higher risk for higher returns can look at AAA-rated non-convertible debentures from reputed issuers.
This is the second deal between Peugeot and the C K Birla group. Last month, the two groups entered a "long-term" partnership, with an initial investment in capital expenditure of close to Rs 700 crore, for vehicle and power-train manufacturing in Tamil Nadu.
In a stern 'perform or take VRS' warning to officials sitting on files, Union Minister Nitin Gadkari on Thursday asked them not to become obstacles in the way of India achieving world class infrastructure.
The Department refused to allow transfer of the plant till the dues claimed by the department are not remitted by the company.
Manufacture will soon be stopped at Bangalore and Tumkur in Karnataka and Ranibagh in Uttarakhand.
'BSNL employee cost is Rs 14,500 crore and we anticipate that around 80,000 should opt for VRS.'
In the second of a four-part series, Business Standard checks out the currency press in Dewas to find target-based allowances have increased the monthly salary of employees from Rs 10,000 to Rs 30,000, at a time when notes are being printed 24x7.
A lump sum of Rs 100,000 has been offered under the VRS package.
They said that massive public investment in infrastructure, social sectors and agriculture would generate employment and the Union Budget should give it a priority and allocate necessary funds for this.
No one is indispensable, says Lakshmi Murthy, chief people officer, ITM Group of Institutions.
'Whatever ED officers do -- issue summons, conduct searches or arrest a person -- they have to face the courts.'
Rationalisation in taxation on the retirement scheme puts significant money in the hands of investors.
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