Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.
The 'mock Parliament' initiated by Rashtriya Janata Dal chief Lalu Prasad Yadav, Samajwadi Party supremo Mulayam Singh Yadav and Janata Dal-United leader Sharad Yadav on the MP's salary hike issue last week has turned out to be a major irritation for Lok Sabha Speaker Meira Kumar, who is reportedly contemplating stepping down.
Notwithstanding providing frequent salary hikes, the employers can consider to set off the impact of spiralling prices on their employees by promoting 'tele-commuting' by allowing their staff to work from home. "Companies in India should seriously explore the option of tele-commuting as a means to curb transportation inflation so that their staff can work from home, besides spending scarce quality time with the family," said Samhita Rao, MD of Grass Roots Indian.
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
For one, growth was not primed by government cash transfers like salary hikes and NREGA payments alone. Gross fixed capital formation (investment in lay terms) picked up sharply in this period compared to the previous quarter.
According to Jagat M Sarkar, head of HR, e-Rev Max, a product company which has its main development centre in Kolkata and presence in 60 countries, "In the given scenario, there will be increased focus on getting quality manpower. Salary hikes too would be hit. Those on the bench and non-performers are jittery too as companies plan on pink slips.
The argument with Nehru happened when Bachchan translated the president's speech in English into Hindi, which in accordance with regular practice was to be delivered by the vice president.
Banking system liquidity will experience transient frictional tightness ahead of the payment of arrears
The Pakistan Cricket Board has started clearing the dues of national team players, which were held up for the last few months because of issues relating to new central contracts.
According to Kelly Services' annual Indian Salary Guide 2013-14, mid to senior level recruits in key sectors will get good salaries and double-digit hike even amidst challenging economic conditions.
With the festival of lights just around the corner, things this year are looking brighter and sweeter for the software majors compared to one that went by, when they were struggling to grapple with the effects of the global meltdown.
After a blockbuster first quarter reported by Infosys last week, analysts expect other IT majors like TCS and Satyam to romp home with impressive quarterly figures.
The next general election for state legislators is scheduled for October 2011 and those elected will take office in January 2012. The pay raise had infuriated voters, leading some to file 'recall petitions' against the governor and two of his top allies in the Legislature.
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The defence budget was increased to Rs 3.37 lakh crore for 2020-21 against last year's Rs 3.18 lakh crore.
Public sector oil companies' officers are planning an indefinite strike from September 5 to press for a salary hike.
As per the revised pay structure, the chief minister will now draw a salary of Rs 24.6 lakh per annum against Rs 17.22 lakh while cabinet ministers will get Rs 21.60 lakh per annum against the existing Rs 15.30 lakh.
According to Parizad Sirwalla, partner (tax), KPMG, the withdrawal of annual tax free transport allowance and medical reimbursements has squared off the benefit on account of standard deduction.
The big B-school event of 2007 was not just the battle over autonomy for management institutions or the huge salary hikes for MBAs.
Shares of low-cost airline IndiGo hit record high on the bourses soon after reports of pilot crisis at Vistara emerged. The development also saw airfares surge by around 25 per cent on select routes. Shares of IndiGo hit a lifetime high of ~3,68.5 on April 2, 2024, and has gained 2.4 per cent on the bourses in April.
The Portuguese is reported to be demanding another new deal to bring his salary in line with Lionel Messi and Neymar, the top two earners in world soccer.
Bank fixed deposits schemes, flexible rate deposit schemes, and sweep-in/sweep-out facility provide for higher interest rates compared to bank savings account and with the same degree of safety.
The revised salaries of central government employees are likely to be paid from July 1, 2016.
'Some people even boldly ask for a 100% increase in the salary.'
Ahead of the state assembly elections due this year-end, Baghel made as many as 15 announcements in his address during the state-level Independence Day function at the Police Parade ground in Raipur.
More interest hike shocks are to come with no signs of the rates having peaked up.
The results of Indian IT services players in the just-concluded fourth quarter of 2021-22 are expected to reveal continuing growth momentum as demand surges on the back of digital transformations and the cloud shift, but analysts anticipate margins to be under pressure due to supply challenges. Analysts covering the sector expect revenue commentary should be strong despite the Russia-Ukraine conflict and inflation. Top-line growth will be driven by broad-based demand with a strong uptick for cloud, digital, cybersecurity, data analytics, and artificial intelligence, among other services.
Restricted stock units can be an effective tool to curb employee attrition and retain key talent
A seasonally-strong quarter, with no immediate impact of the second wave and continued acceleration of digital transformation will allow the IT services sector to report a robust Q1 this financial year. However, key metrics to look out for will be attrition rate and margin lever as they will be impacted by salary hikes. Analysts expect growth for the quarter to be broad-based, with sectors like banking, financial services and insurance (BFSI), retail, manufacturing, hi-tech and life sciences driving revenue growth. Analysts across brokerage houses are pegging revenue growth in the range of 1.5 per cent to 4.5 per cent.
Salaries of Members of Parliament will be hiked by more than three times with the Union Cabinet on Friday approving a bill over which differences among ministers had surfaced earlier this week. A meeting of the Cabinet gave its nod to the bill under which the basic salary of the MPs will be hiked from Rs 16,000 to Rs 50,000 per month. However, this is much less than the figure of Rs 80,001 recommended by the parliamentary committee which had said MPs should get more.
Punjab has over 400,000 employees and pensioners and about 125,000 staff members in its corporations and boards.
Public sector banks together may take a hit of about Rs 2,200 crore (Rs 22 billion) annually if Indian Banking Association succumbs to trade unions' pressure and agrees to hike salaries of staff by 11 per cent this fiscal.
Engineering giant Larsen & Toubro (L&T) handed out a pay cheque of Rs 61.27 crore to its chief executive officer (CEO) and managing director (MD) SN Subrahmanyan in the last financial year (FY22), which is a near 115 per cent hike over FY21, as executive compensation at India Inc comes under sharp focus after two years of Covid-19. In fact, the total compensation of L&T's executive directors (including Subrahmanyan) in FY22 was 120 to 670 times the median remuneration of the company's employees, data from its FY22 annual report shows. This points to sharp hikes that the top management saw in their remuneration during the period, experts in human resources said. In FY21, L&T's executive compensation was 56 to 337 times the median remuneration of company employees.
ABB India's March quarter results (Q1CY24) were led by strong margin performance. Revenue was, however, largely in line with estimates at Rs 3,080 crore (up 28 per cent Y-o-Y and up 12 per cent Q-o-Q). The growth was across electrification (30 per cent Y-o-Y), process automation (73 per cent Y-o-Y) and robotics & motion (8 per cent Y-o-Y).
Inflation reduces your purchasing power. A pair of sneakers costing Rs 100 will cost more if the inflation rate increases.
Ratcheting up their protests one notch, the three service chiefs met Defence Minister AK Antony today to tell him the Sixth Pay Commission's recommendations relating to the services were inadequate and would not prevent attrition. The three chiefs said they wanted an average increase of 50 to 60 per cent in salaries, whereas all the pay commission offered was 28 to 33 per cent hike.
After careful consideration, the finance ministry appears to have rejected the proposal of merging 50 per cent of dearness allowance with basic salary of government employees and setting up of the Sixth Pay Commission.
HMSI has increased the monthly salary of its permanent workers by Rs 14,770 a month.
India has allocated Rs 1.72 trillion, or 27.67 per cent of the total defence budget to cater to modernisation of the country's arsenal. Modern militaries spend up to 50 to 60 per cent of their total defence budget so that they go into combat with superior weaponry and equipment.
