The nation-wide strike call has been given by United Forum of Bank Unions, consisting of nine national level unions, including AIBEA, NCBE, BEFI, INBEF, NOBW and AIBOC.
The country's largest car maker Maruti Suzuki India on Tuesday reached a wage settlement agreement with its workers at its Gurgaon plant, under which the employees will get an average salary hike of Rs 18,000 per month spread over three years.
Even as its senior executives are reported to be in Abu Dhabi to further negotiate with Etihad on the proposed stake sale to the Gulf carrier, Jet Airways engineers are on a "go-slow" mode following the failure of talks over wage hike and arrears, sources said.
Indian IT firms have been announcing incremental increase in billing rates for quite some time now to counter wage hikes and rising visa costs, to name a few.
India's second-largest information technology (IT) firm Infosys has decided to reduce the average variable payout of employees to 70 per cent due to falling operating margins in the first quarter (Q1) of 2022-23 (FY23), said people in the know. "The margin impact in the current quarter has reflected on the performance bonus for this cycle," the company told its employees over email. "While 70 per cent is the correct figure, an important point is we have been told that the company will not defer any variable payment. "It is being paid according to schedule," said a person.
The strike has been on for four days at the Nashik centre of the business process outsourcing company, which has a headcount of 23,874.
The Bombay high court on Tuesday slammed the striking railway motormen, saying they had held the entire city to ransom, which was not permissible.
Train services on Central and Western lines were badly affected on Monday as motormen went on an indefinite hunger strike, causing lot of inconvenience to commuters in the evening rush hour.
Following an international agreement between the National Union of Seafarers of India and 'manning agents' who recruit them, the wages of seafarers have been hiked with effect from January 1, 2004.
Despite wage hikes, an appreciating rupee, and fewer working days nibbling at their profit margins during the quarter ended December 31, 2007, the five IT majors Tata Consultancy Services (TCS), Infosys Technologies, Wipro, Satyam Computer Services and HCL Technologies posted revenue and net profit figures that were in line with market expectations.
The June quarter is usually considered as a seasonally strong period for the IT sector.
The company has told its employees that there won't be wage hikes for the financial year ending July 31, 2009, due to tight demand in the US and Europe, declining volumes and the need to further tighten expenses across business divisions. In a harsher step, the company has slashed retainer bonus, which averages 10 per cent of an employee's salary, from April 1. Travel allowance has been sharply reduced, if not curbed, in most cases.
One diamond worker was killed and six others were injured in Bhavnagar when a private security guard allegedly opened fire on the workers who were protesting for wage hike. The private security guard of a diamond polishing unit opened fire on the diamond workers who were violently protesting in Kumudwadi area of the city, police said.
Dissatisfied with the wage hike offer made by Indian Banks' Association (IBA), public sector lenders' employee unions on Monday threatened to go on a two-day strike from February 10.
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
The government is committed to provide Rs 100 a day as wages under National Rural Employment Guarantee Scheme, said finance minister Pranab Mukherjee.
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
The county's largest IT company TCS on Friday reported a 7.2 per cent jump in December quarter net to Rs 8,701 crore on a consolidated basis, and seemed to suggest the worst is behind by projecting double-digit revenue growth for FY22. The company, a cash cow for Tata Sons, saw a 5.4 per cent growth in revenue at Rs 42,015 crore for the quarter. Operating profit margin came in at 26.6 per cent despite implementing wage hikes, after consistently missing the 26-28 per cent aspirational band for many quarters.
Former managing director of Maruti Suzuki India, Jagdish Khattar, passed away on Monday morning following a cardiac arrest, according to people close to him. Khattar (79), a former bureaucrat, was considered as one of the most high profile leaders of the Indian automotive industry, laying the foundation for Maruti's future growth after the government began its disinvestment in 2002 and gradually exited from its joint venture with Suzuki Motor Corporation (SMC). He had joined the then Maruti Udyog Ltd in July 1993 as director (marketing) and went on to become executive director (marketing) in the next six years.
The production at Bajaj Auto's Chakan plant near Pune remained crippled on Wednesday as the agitation by company's nearly 2,000 employees over wage revision and other demands continued for the second day.
Software services industry may have to relook its cost structure to maintain a higher margin.
Air India currently has a workforce of 27,500 people with 20,500 of them regular employees and rest on contract.
Taking inflation into account, China and Vietnam at 4.9 per cent lead the way, while Japan at 0.5 per cent and India at 2 per cent are among countries offering the smallest raises.
The year 2007 promises to be a harbinger of higher salary for Indians, as wage increments are predicted to be the highest in the world, says a survey.
The July-September quarter GDP numbers are due on November 30.
Toyota Motor Corp of Japan, had on March 16 declared a lockout.
Bond markets, global as well as domestic, are likely headed towards hard times over the next three to six months, as higher vegetable prices, rising fuel costs, and improved wages may keep inflation hot, believe analysts, who expect the yields to hit 7.5 per cent in the near-term from the current 7.234 per cent. In this backdrop, they suggest investors can put in money in funds/instruments with residual maturity of 4 to 6 years, while longer-term investors can allocate cautiously to the longer end in the range beyond 7 years.
Wage hikes and rupee depreciation may affect the business.
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.
Fitch frowns at government pay hikes.
Instead of a rate hike, or even a pause, there could be a window for the RBI for an interest rate cut
The nearly 1,200 permanent workers, under the aegis of Hero MotoCorp Workers Union, are observing silent protest by wearing black badges and not taking tea and snacks provided by the company to press for their demand.
The markets, at this point, have rallied on the view that the Fed will not budge from the zero-bound as long as inflation remains subdued
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.
The Biden administration on Friday issued a formal notification to delay the implementation of the previous Trump regime's controversial rule to raise mandatory minimum pay for foreign workers on H-1B visa, the most sought after among Indian IT professionals. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. The Department of Labour in its federal notification published on Friday said that it is considering whether to propose a further delay of the final rule's effective date and accompanying implementation periods that are currently scheduled to take effect on May 14, 2021, and July 1, 2021, respectively.
While growth metrics for Infosys was skewed to a single vertical and it is struggling to get a handle on costs, TCS has been able to manage growth and keep cost inflation under control.
Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year.
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