The Employees' Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
Kejriwal said money in the hands of the poor and middle class will benefit the country's economy.
Wage inflation will not blunt the country's competitive edge in the IT industry, according to software guru and chairman of Infosys, N R Narayana Murthy.
More than 7,700 senior professionals with over 15 years of experience have exited India's IT services firms -- TCS, Infosys, Wipro, HCLTech, Tech Mahindra, Cognizant, and LTIMindtree -- over the past 12 months.
The staff and officers of banks and insurance companies are expected to go on a day long strike following a call by major central trade unions on Tuesday (February 24) demanding a wage revision.
The salaries of India's blue- and grey-collar workforce have increased by 23 per cent over the past two years, reflecting the growing demand and opportunities for the skilled workforce, a report said on Tuesday.
While TCS cited evolving business needs and future readiness as reasons, industry experts say the action is a cost-cutting measure aimed at improving operating margins that have remained below the firm's aspirational range despite multiple efforts.
The information technology (IT) services industry may be headed for another year of sluggish growth. Based on the results of the top five IT services companies for the first quarter of 2025-26 (Q1FY26), analysts say the possibility of hitting high single-digit revenue growth in FY26 looks unlikely.
In the medium term, corporates and vendors could move away from visa dependency, shift more work offshore and share higher cost burdens with clients.
Public sector bank chairmen and executive directors will have to wait for some more time to see their purse swelling, as government is in favour of maintaining uniformity in pay structures of all of its nominees.
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
The bank unions had threatened to go on 4-day strike from February 25.
The Donald Trump administration has clarified that the new $100,000 fee for H-1B visas does not apply to current visa holders and is a one-time payment only for new petitions.
Thousands of contractual employees of the three state-run power utility companies in Maharashtra have threatened to launch an indefinite strike from Tuesday night over demands including wage hike.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
Over 8.5 lakh employees, majorly from public sector banks (PSBs), will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bank officer associations and five workman unions, and the IBA on July 22 entered into a memorandum of understanding (MoU) for an annual wage hike of 15 per cent.
While Infosys has increased the margin guidance for FY21 by 100 bps to 24-24.5 per cent, analysts believe there will pressure on near-term margins as discretionary cuts - promotions and travel, headcount addition, record utilisation, and wage hikes start to reflect on costs.
The initial wage negotiations between workers and management of two-wheeler major Hero MotoCorp's Gurgaon plant remained inconclusive on Monday and the matter has now been referred to Haryana Deputy Labour Commissioner for further deliberations.
Infosys commits to hiring 20,000 graduates amid industry-wide layoffs and uncertainty.
The Karnataka government is also expected to follow suit and withdraw its decision to raise the variable DA.
The average salary hike of top-paid chief executive officers (CEOs) in four countries, India, the USA, the UK and South Africa, was 9 per cent, but the workers in these countries saw their salary dip by 3.19 per cent, an analysis by Oxfam on International Workers' Day on May 1 showed. Based on data from the International Labour Organisation (ILO) and government agencies, the analysis also showed that workers in these countries worked "for free" for six days last year because their wages lagged behind inflation. One billion workers in 50 countries took an average pay cut of $685 in 2022, a collective loss of $746 billion in real wages, compared to if wages had kept up with inflation, it said.
While industry leaders Tata Consultancy Services and Wipro have announced deferring wage-hike plans, other players such as Infosys and HCL Technologies are expected to follow suit, according to industry insiders.
Firm sticks to guns while the staff looks at 'sterner' measures.
Wage revision in PSU banks is done every five years.
Wipro on Wednesday reported a 25.9 per cent year-on-year rise in consolidated net profit for the March quarter to Rs 3,569.6 crore, but warned of a weak quarter ahead with up to 3.5 per cent expected drop in IT services revenue for Q1FY26, amid global uncertainties. CEO and Managing Director Srini Pallia said clients remain cautious in the face of macroeconomic uncertainty.
LTIMindtree's (LTIM's) December quarter revenue, at $1.139 billion, was up 1.8 per cent quarter-on-quarter (Q-o-Q) (5.6 per cent year-on-year or Y-o-Y) in constant currency (CC) terms, marginally ahead of expectations.
Not just in the IT sector, Capgemini is probably the only company, in India, which has offered salary increments.
The company's IT services segment had a headcount of 158,217.
TCS completed its highest ever hiring of over 90,000 new employees globally during the year.
HMSI has increased the monthly salary of its permanent workers by Rs 14,770 a month.
Diamond Polishers' Association (DPA), a representative body of diamond workers in the industry in Gujarat has demanded a hike in wages to the tune of about 35 per cent.
IT services major Wipro on Friday said it will give wage hikes to junior employees with effect from September 1, 2021. "Wipro Limited will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (assistant manager and below), effective September 1, 2021. "In January 2021, the company had announced salary hikes for eligible employees in these bands, who form 80 per cent of the company's workforce - this is the second hike in this calendar year," Wipro said in a statement. As announced earlier, all eligible employees above band C1 (managers and above) will receive pay hikes effective June 1, it added.
Andhra Pradesh Rural Development Minister V Vasant Kumar on Tuesday said the daily wages paid to workers under the National Rural Employment Guarantee Scheme (NREGS) in the state will be enhanced from May 1.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
'If the US stagnates and falls into a recession, the dollar will weaken, oil prices will also dip. This augurs well for India.'
Workers' strike at Samsung Electronics plant at Sriperumbudur entered 30th day on Tuesday with no end in sight as Centre of Indian Trade Unions (CITU), the union leading the charge, claimed that its major demands are yet to be fulfilled. This is despite the company agreeing to pay a special incentive to the employees.
Wage hikes in both information technology and BPO sector is not likely to see any moderation from next year but would continue to grow at the current rate of 12-15 per cent annually, a senior Infosys Technologies official said.
The country's largest software exporter TCS on Wednesday reported a 16.83 per cent jump in its June quarter consolidated net profit to Rs 11,074 crore. The Tata Group company had reported a net profit of Rs 9,478 crore in the year-ago period and Rs 11,392 crore in the preceding quarter. Its revenue from operations increased 12.55 per cent on a year-on-year basis to Rs 59,381 crore and was marginally up from the preceding March quarter's Rs 59,162 crore.
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