HP employs around 60,000 people in India, including former employees of EDS, which it had acquired for $13.2 billion in May last year. However, a good number of EDS India employees who were transferred to HP India will not be so lucky, industry sources said. "HP CEO Mark Hurd's plan to effect pay cuts between 2.5 per cent and 5 per cent will affect all EDS employees who were moved to HP," an industry source added.
While the country's unemployment rate is falling, the quality of employment seems to have taken a hit. The pace of formalisation slowed in the five months of the current financial year (April-August) with more than half a million fewer formal jobs created in the period compared to the same period last year, according to data from the Employees' Provident Fund Organisation (EPFO). The payroll data showed that cumulatively 4.92 million new subscribers joined the social security organisation between April-August this year, compared to 5.51 million subscribers in the same period in the previous year, reflecting a 10.7 per cent decline in the number of new payrolls created.
Do you think FBT should be scrapped and India Inc be given alternative choices?
InterGlobe Aviation, the operator of India's leading airline IndiGo, delivered a better than expected performance across most parameters in Q2FY24. The company posted its fourth consecutive quarter of net profit of Rs 188 crore. It had reported a loss of Rs 1,583 crore in the same quarter a year ago.
Currently, if an employee covered by the ESI Corporation loses his job, he gets three months' salary as unemployment insurance over a period of six months. The ESIC recently decided to increase the amount to six months' salary disbursed over a period of one year.
Shares of online food delivery aggregator Zomato rose above their initial public offering price after more than a year. The stock hit an intraday high of Rs 76.3 per share before settling at Rs 75.8. The company had priced its shares at Rs 76 during Rs 9,375-crore IPO in July 2021.
According to estimates available with industry experts, the wage bill of Maruti Suzuki, the country's largest car maker, is expected to increase by Rs 65-70 crore (Rs 650-700 million) after the increments.
In an apparent bid to thwart other airlines from poaching on its employees, priave carrier Air Sahara on Tuesday announced its new human resources policy offering a 40 per cent salary hike to employees.
NPS still has critics despite being in business for a decade and mopping Rs 24,000 crore as of 2013-14.
The Centre has rubbished the charges, saying Dorsey's Twitter regime had a problem accepting the sovereignty of Indian law.
After inaugurating development projects worth nearly Rs 5,000 crore for boosting the agri-economy in the Union territory, Modi said he was "elated to be among the wonderful people of Srinagar".
Upon implementation of the 7th Pay Commission the expected yearly burden on the central exchequer will be more than Rs 100,000 crore. Central government employees will get on an average a 24 per cent pay hike. Still, the unions aren't happy.
There are over 1.36 lakh employees, including employees and pensioners under the new pension scheme.
Experts recommend awaiting the findings of the 2021 Census, which is yet to be conducted, before introducing population control policies.
A joint forum of Air India unions on Friday sought the labour department's 'urgent' intervention and initiation of conciliation proceedings in the matter of their passage policy and service conditions. On December 24, the forum comprising IPG, ACEU, AIEU and AICCA, in its demand notice to Air India managing director and chief executive officer Campbell Wilson, had protested against the changes in their service conditions. Tata Group took control of the then government-led Air India in January this year.
The fringe benefit tax (FBT) was levied on ESOPs in the Union Budget this year and the IT industry is still grappling with the issue of how to factor in the tax.
EPF has traditionally been the only tool for Indians, especially the salaried class, to save for their retirement corpus.
At present, organised sector workers covered under social security schemes run by EPFO are exempted from contribution towards schemes.
Fresh formal job creation declined sequentially for a third straight month in February to fall to a 21-month low, signaling pressure in the employment market. These are the findings from the latest payroll data released by the Employee Provident Fund Organisation (EPFO) on Thursday. The number of new monthly subscribers under the Employees' Provident Fund (EPF) declined 10 per cent sequentially to 738,052 in February from 819,659 in January.
Tata AIG Life Insurance Ltd will extend insurance cover to 15,930 employees of Wipro Ltd for a total sum assured of Rs 876 crore (Rs 8.76 billion).
Amid tough economic conditions, layoffs, salary cuts and decrease in benefits, most of the Americans seem happy at workplace, just not as happy as they use to be, a latest survey has found.
Ahead of Diwali festival, the Union Cabinet on Wednesday increased the dearness allowance (DA) and dearness relief by 4 per cent effective July 1, 2022, benefiting 41.85 lakh central government employees and 69.76 lakh pensioners. The additional instalment of DA and dearness relief (DR) is an increase of 4 per cent over the existing rate of 34 per cent of basic pay/pension. The combined impact on the exchequer on account of both DA and DR would be Rs 12,852.5 crore per annum, said Information and Broadcasting Minister Anurag Thakur while briefing reporters about the decisions of the Union Cabinet.
Rising protectionist policies followed under Trump administration has prompted all IT services players to hire more locals in onsite geographies, especially in US.
Never mind work-life balance: this generation spends more time on the job than ever before.
They are demanding restoration of curtailed benefits.
The top law officer said that even if some people of the community have come up, the stigma of caste and backwardness is still attached to them.
Life insurance offers dual benefits: financial security to your family in case of the policyholder's death as well as helps you save tax, says Alok Patnia.
Hours after World Bank made public that Wipro has been debarred from doing any business with the global lender, the company's chairman Azim Premji wrote to its over 1,00,000 employees saying that the company had not done anything unethical.
...or just a Covid-era practice, asks Ajit Balakrishnan.
The 40 per cent exemption benefit is applicable only for employees.
Ramaswamy's stance on H-1B visas is reminiscent of the 2016 Trump campaign, when then-candidate Donald Trump, who has also hired a number of foreign workers under H-1B visas for his businesses, took a hardline stance on these foreign workers before later softening his rhetoric.
India Inc on said the Seventh Pay Commission set up today for central government employees is likely to lead to additional burden on the exchequer and increase inflation by pushing demand.
These plans aren't likely to put substantial cash in your hands.
Ask Tax Gurus Mihir Tanna, Mahesh Padmanabhan and Anil Rego.
Artificial Intelligence-first business strategy adopted by Infosys is working well for the company despite unresolved ethical and IPR issues around the technology, Infosys chairman Nandan Nilekani said on Wednesday. In his address at Infosys' 42nd Annual General Meeting, Nilekani said the company can be more efficient while nurturing readiness for growth, given its performance in challenging scenarios created by inflation, interest rates, geopolitics, demand volatility and supply chain dislocations. "Several practical, ethical and intellectual property-related issues, when it comes to AI remain unresolved.
The Bombay high court on Thursday said Chanda Kochhar's termination as CEO of ICICI Bank was prima facie 'valid' and dismissed her interim application seeking post-retirement benefits.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
Infighting between Ashok Gehlot and Sachin Pilot has been out in the open throughout the Congress term.
