TCS completed its highest ever hiring of over 90,000 new employees globally during the year.
The Indian job market is expected to see slower hiring activity, but double-digit salary hikes next year as employers are embracing a "cautiously optimistic" approach amid the economic uncertainty.
Some employees have alleged that close to 20 employees of the troubled Satyam Computer Services have been promoted to the I-1 and I-2 bands (representing assistant vice-president and vice-president levels) and also received a salary hike of 20-40 per cent. The timing has caused much resentment with some employees taking up the matter with the human resources department.
The revenue budget of the defence services is likely to go up 3.2 times in the next Budget if the recommendations of the 6th Pay Commission are accepted. On an average, the services had recommended a salary hike of up to 4.5 times. They had also sought a five-and-a-half times increase in counter-insurgency allowances. They had expected an increase of 3.8 times. The increase in salaries that has been granted is 3.2 times. Allowances, by and large, have been doubled.
Overall, the survey shows that salary increases across industries at 14.8 per cent are roughly the same as last year (14.5 per cent).
As the start-up ecosystem undergoes revenue losses and client attrition, 5paisa.com had a good quarter recently in terms of client addition and continues the streak of business growth in the April-June period so far.
The share of companies where it would take over 100 years for a median employee to earn the equivalent of their top executive's annual salary rose to 65 per cent in FY24 from 61 per cent in FY19.
Gujarat State Co-operative Bank, the apex co-op bank in Gujarat, has already hiked salaries by 16 per cent, said Shailesh Shah, General Secreatary, Gujarat State Co-operative Banks' Employees' Federation. The bank has a workforce of 237 employees. Ahmedabad Co-operative Bank too has given Rs 1600 hike to their employees.
Buffett, CEO and Chairman at Berkshire Hathaway, does not use office car, has neither taken a salary hike for 25 years nor desires any in future, pays back the company for minor items such as phone calls, postage and favour from office personnel that are personal in nature, does not fly in company jet for personal visits and gives a much bigger pay package to his Chief Financial Officer. Berkshire Vice Chairman Charles Munger has also been paid an annual salary of $100,000.
The employees are demanding salary parity with state government employees, seeking a pay scale adjustment to match that of their counterparts in the state sector.
Banks and staff unions had settled on a 17.5 per cent salary hike, to benefit about 702,000 public sector employees, besides agreeing to make 332,000 serving and retired employees eligible for pension.
He led the takeover of Vijay Mallya's United Spirits.
Infosys was the only company among the large software services firms, which had not hiked salaries so far.
The salary hike for government employees is likely to put an additional burden of Rs 24,000 crore on the state excheque.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
Stock options are the most popular form of long-term incentive among Indian companies.
The three-member committee of experts, which has recommended a substantial hike in the salary and allowances of Delhi MLAs, on Wednesday justified their proposal saying it was a product of "careful and thorough" examination and will not make city legislators the highest paid in the country.
The Union Cabinet on Monday deferred a decision on hiking the salary and allowances of Members of Parliament though the issue was discussed in detail.
A much talked about bill seeking a three-fold hike in salaries of MPs from Rs 16,000 to Rs 50,000 and doubling their two key allowances to Rs 40,000 each was introduced in the Lok Sabha on Wednesday.
At a time when the global job scenario is gloomy, India Inc is expected to increase salaries up to eight per cent this year with infrastructure and FMCG sectors likely to see the maximum hikes, global HR consultancy Mercer says.
The Bihar government has approved a three-fold hike in the salary of legislators and increased their allowances with effect from April 1. The decision, taken on Wednesday at a cabinet meeting presided by Chief Minister Nitish Kumar, would entail an additional burden of Rs 34 crore on the state exchequer. As per the revised pay structure, the members of the two houses of the state legislature will now draw a salary of Rs 25,000 per month as against Rs 8,000 per month.
10 largecaps stocks which stand to gain from the Budget.
Madhya Pradesh has nearly 750,000 employees who would share the benefit of the pay hike.
When farmers are deprived of fair MSP and jawans of the OROP, it is not the right time to hike salaries/pension for MPs, said the Congress.
N Chandrasekaran saw his annual compensation rise to Rs 25.6 crore.
A majority of employees in the country expect better salary hikes in 2014 compared to previous years, spurred by hopes of brighter economic prospects.
In his Budget, Jaitley announced a pay hike for the President to Rs 5 lakh per month, Rs 4 lakh for the VP and Rs 3.5 lakh for governors.
Under the amended legislation, the basic pay of chief minister has been enhanced from Rs 5,250 to Rs 16,000 a month and that of ministers (including deputy chief minister) from Rs 5,000 to Rs 14,000.
Workers' expectations around the pay rises this year have skyrocketed in India, with 90 per cent of people interviewed are looking for a hike in salary, a report said on Monday. In India, 90 per cent of workers interviewed expect a pay rise this year and on average, close to 20 per cent of the employees surveyed are anticipating an increase of 4-6 per cent, followed by 19 per cent anticipating a 10-12 per cent hike, ADP Research Institute's - People at Work 2023: A Global Workforce View - report revealed. The report revealed that in India, 78 per cent of workers received a pay rise last year, and the hikes averaged 4-6 per cent.
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Top Indian IT firms, such as TCS, Infosys, and Wipro, have signalled taking aggressive cost take-out measures, including reduction in sub-contracting costs, travel expenses, freeze in salary hikes, and holding back variable payments, among others.
Entry-level employees were the most disappointed.
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
The June quarter is usually considered as a seasonally strong period for the IT sector.
India's advertising industry is facing a serious manpower shortage, especially on the creative side of the business. Pressure on agencies' earnings has affected salary hikes, creating an opportunity for the burgeoning entertainment sector (TV and films) to poach on the limited talent pool. The shortage is mostly among the junior and mid-level executives. In advertising, money for creative people does not start flowing in till they are two to three years into the profession.
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
The government on Tuesday announced withdrawal of the 2 per cent equalisation levy or digital tax on overseas e-commerce supplies.
Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
Amid the financial crisis scourging the global markets, troubled insurance giant AIG's chief executive salary has been restricted to a nominal $1 for 2008 and 2009, while there would be no pay hikes for its top executives through 2009.
On Thursday, Finance Minister Arun Jaitley announced a salary hike for the President and Vice President of India while making his Budget speech. Currently, President Ram Nath Kovind gets Rs 1.5 lakh per month while Vice President Venkaiah Naidu gets Rs Rs 1.25 lakh. Jaitley announced that as per the revisions the president and vice president would receive Rs 5 lakh per month and Rs 4 lakh a month respectively. Rediff.com takes a look at the salaries of other world leaders and sees how India stacks up in comparison.
