Employees in India will see their salaries increase by an average of 10.9 per cent in 2015, but high inflation will end up eroding much of their wages, says a report.
IT services provider HCL Technologies on Wednesday said it will hire 5,000 people this year.
According to the latest Salary Trends survey by ECA International, the biggest pay rises in the region have been forecast in Pakistan where companies are anticipating 12 per cent rises on an average.
The company has already shifted production to Aurangabad.
Minimum wage for 36 categories of workers who want to work in the UAE came into effect on Tuesday and will apply to new recruits.
India's largest PSU bank, State Bank of India, delivered excellent results, once the impact of a big jump in employee expenses was adjusted for. The net interest income (NII) beat the Street due to a better net interest margin (NIM) and good loan growth. The credit growth at 5.2 per cent quarter-on-quarter (Q-o-Q) (15 per cent year on year) was excellent for a large bank.
Though the workers have not gone on strike, they moved the labour department for not receiving any wage hike since 2015.
Analyst are cautious about the performance of IT services sector from January to March quarter (Q4) of FY24 and the first half (H1) of FY25. While the Bloomberg consensus on revenue implies the market is expecting 2-3 per cent growth on a quarter-on-quarter (Q-o-Q) basis for the IT majors through FY25, the H1FY25 is likely to see even flatter returns, and Q4FY24 is likely to be poor. There is likely to be some recovery in the second half (H2FY25) but even so, there's a chance that the market will be overall disappointed.
Sheikh Hasina, who was elected for a record fourth consecutive term and fifth overall term this year, was always admired by her supporters as "Iron Lady", before the dramatic development that abruptly ended her 15-year-rule in Bangladesh.
The lockdown has taught companies a lesson or two on running business with fewer human resources. These lessons are unlikely to be forgotten, observes Mahesh Vyas.
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.
The ministry of labour & employment on Friday announced a hike in variable dearness allowance for more than 1.5 crore workers in the central sphere by Rs 105 to Rs 210 per month. The hike, which will be effective from April 1, 2021, will also result in an increase in rate of minimum wages for central sphere employees and workers. It will be for scheduled employment in central sphere and applicable to the establishments under the authority of central government, Railway administration, mines, oil fields, major ports or any corporation established by the central government. These rates are equally applicable to contract and casual employees/workers.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
'The IPL provides a different ladder in terms of recognition.' 'If you do well, you will obviously get noticed and it enhances your selection into white-ball formats.'
'We were not protesting for a wage hike or provident fund. We were protesting for the safety of the larger population. There is no personal gain.'
The Street shrugged off a muted first quarter of financial year 2023-24 (Q1FY24) and a cautious near-term outlook by India's largest information technology (IT) services company, Tata Consultancy Services (TCS). The stock was the top Nifty50 and Sensex gainer on Thursday, rising 2.5 per cent, as investors took comfort from a robust order book and an encouraging pipeline. Like its larger peer, HCL Technologies' (HCL Tech), too fell short of the Street's expectations on the revenue and margin fronts given cuts in discretionary expenditure.
'Spending by the middle class is limited with a focus on savings. However, there is buoyancy at the top-end.'
IT major, Hexaware Technologies, plans to hire 400-500 fresh engineers in the current calendar year, a top company official said.
Will Infy spring a surprise in subdued second quarter?
Employee costs for Indian IT services players have touched an all-time high as salaries soar in their effort to retain talent. Engineer salaries are going through the roof. According to a news report, Infosys, which reported a 27.7 per cent attrition rate for the fourth quarter of FY22, plans to have an average salary hike of 12-13 per cent. High potential employees will get increases of 22-23 per cent.
Most members of the monetary policy committee (MPC) argued for front-loading interest rate hikes in view of rapidly rising inflation during the off-cycle monetary policy review earlier this month - the minutes of the meeting published on Wednesday showed. In early May, the rate setting committee met unscheduled and unanimously decided to hike the repo rate by 40 bps. This was the first repo rate hike in four years, and an inter-meeting hike in more than a decade.
The amendment bill will be made effective from April 1, 2015.
While declining to disclose the percentage of wage hikes given to offshore and onsite staff, the spokesperson said that the hike was effective from October 1, 2012.
A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players -- TCS, Infosys, HCL Technologies and Wipro -- have continued to shrink at a pace that has had the street surprised.
Right to apprenticeship, legal guarantee for MSP, passing a constitutional amendment to raise the 50 per cent cap on reservations for SCs, STs and OBCs, a nation-wide caste census and scrapping of Agnipath scheme are among the promises made by the Congress in its Lok Sabha polls manifesto released on Friday.
The Employees State Insurance Corporation on Thursday decided to increase the wage ceiling for coverage under the ESI Act from Rs 7,500 to Rs 10,000.
As its promoters finalise a stake sale deal with Gulf carrier Etihad, labour unrest seems to be brewing in Jet Airways with its engineers wearing black bands to protest an alleged move to freeze salary hikes and the pilots deciding to meet on the same issue shortly.
Benchmark indices turned highly volatile in the last hour of trade on Monday, with the Sensex falling 86.61 points after three days of gain amid heavy selling in IT counters and weak trends in global markets. The 30-share BSE benchmark declined 86.61 points or 0.16 per cent to settle at 54,395.23. During the day, it fell by 391.31 points or 0.71 per cent to 54,090.53.
The minimum wage of Rs 80, which is applicable to central public sector undertakings, will see a 30 to 40 per cent jump in a single year once the changes are notified. The decision to hike the minimum wage level was taken by the Central Advisory Board at its meeting chaired by Minister for Labour and Employment Oscar Fernandes last week. The National Floor Level Minimum Wage of Rs 80 is likely to cross Rs 100 once the notification is issued.
A demand for raising wages and allowances of MPs was made in the Rajya Sabha on Friday with members demanding that their salaries should be higher than the revised scale of the Cabinet Secretary.
Large Indian IT services companies are expected to report "muted" sequential show in a traditionally strong second quarter, as macroeconomic challenges continue to weigh on global discretionary spending, say market watchers. The big earnings week for tech heavyweights is up ahead, with Tata Consultancy Services (TCS) scheduled to announce its results on October 11, and both Infosys and HCL Technologies on October 12. Wipro is slated to declare its Q2FY24 results next week, on October 18.
The stock of LTIMindtree finished at Rs 5,001 a piece on Monday, which means it is down about 5 per cent from its all-time high as its June quarter results for the 2023-24 financial year (Q1FY24) missed estimates. A cautious note by the management, coupled with the fact that it will miss its double digit revenue growth target for FY24 weighed on the stock price. The company delivered revenues of just over a billion dollars in the quarter with constant currency growth of 0.1 per cent.
The negative balance is largely on account of pending material cost for the work done under the programme during the year and even earlier.
March and April payrolls were revised to show 32,000 more jobs.
The Minimum Wages Act was enacted in 1948.
Calling a ministerial group formed to look into their wage demands an eyewash, PSU oil firm executives today said they will go on indefinite strike from January 7, as the government has failed to live up to its promises of giving officers a fair deal.
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