EPF Rate To Remain Steady At 8.5%
The Employees Provident Fund (EPF) Board has rejected the Central government proposal to pay 8.25 per cent interest rate on the EPF, thus retaining it at 8.5 per cent for the fiscal year 2007-08. The EPF Board’s decision would benefit over four crore EPF subscribers employed in the country’s organised sector. The Left unions had demanded an interest rate of 9.5 per cent, which was rejected by the Board.
Source: 24-01-08 www.thestatesman.net Compiled by Amresh Anjan
Naukri.com Job Fair In Hyderabad
Continuing its series of job fairs, naukri.com will hold its eighth job fair in Hyderabad on 2nd & 3rd February, 2008 at Le Palais Royal ‘Ibrahim Mahal’. The job fair promises to be an excellent platform for recruiters to hire the best talent from different industries. Over 2000 jobs will be up for grabs from multiple industries like IT, ITES/BPO, Finance, Banking/Insurance, Telecom, Engineering, Hospitality and Construction and others. Bosch is the lead sponsor for the event whereas Tanla Solutions and Kyocera Wireless are the Platinum sponsors. Satyam BPO, Godrej and JDA Software are the Gold sponsors. Other participant companies include Avid consultants, BA Continuum, Zensar, Firepro Systems, HG Technologies and others.
Source: 28-01-08 Our Bureau Compiled by Amresh Anjan
Indian Employment Scenario Positive: ILO
According to a study by the International Labour Organization, India has seen a sharp rise in employment in the industrial sector in 2007. The observation is contrary to the impression that jobs are increasing only in the service sector. After agriculture, the service sector, including the outsourcing industry, is the largest employer in India. Also, the encouraging revelation is that women’s share in employment in the industrial sector increased more than that of men. The study titled ‘Global Employment Trends’ also says that global unemployment rate will rise to 6.1% in 2008 owing to turmoil in the US housing credit market and the continuing threat of high oil prices.
Source: 25-01-08 Hindustan Times Business Compiled by Amresh Anjan
Salaries Rising In Real Estate Sector
The acute talent crunch in the real estate sector has pushed salary levels to dizzying heights at every level. The salary levels in this sector have been growing at 25-30% a year over the past two years. Real estate has transformed itself from an unorganized business to a more organized one. Last year, a number of real estate firms tapped the capital market including DLF Ltd, Omaxe Ltd and Puravankara Projects Ltd. They raised around $3.7 billion from share sales in 2007 and the initial share sale of Emaar MGF Ltd is set to open any time soon. Those people who stayed on in their jobs have seen a steady salary growth while those who switched from other sectors to real estate made much more. With real estate rates in some markets tripling or quadrupling over the past three years, the rising salaries seem mandatory.
Source: 23-01-08 www.livemint.com Compiled by Amresh Anjan
Ms Indra Nooyi Is New USIBC Chairperson
PepsiCo Head Ms Indra K Nooyi has become the first woman ever to be elected as the chairperson of the US-India Business Council. The premier business advocacy organization USIBC comprises of 250 of the largest US companies investing in India, joined by more than two dozen global Indian companies. Ms Nooyi replaces the departing Chairman Mr Charles 'Chip' Kaye at the helm of the organization. USIBC was formed in 1975 and works to deepen two-way trade and strengthen US-India commercial ties. It is hosted under the aegis of the US Chamber of Commerce.
Source: 23-01-08 www.rediff.com Compiled by Amresh Anjan
Retirement Age At RCom To Be Raised
In an unprecedented move in the private sector, Reliance Communications has decided to increase the retirement age for its employees from 58 to 65 years. The decision comes in the backdrop of reports of talent crunch in high growth industries like telecom. Raising the bar for retirement age will benefit about 1,500 employees of the 40,000 employees at Reliance Dhirubhai Ambani Group telecom company. The retirement age ranges from 58 to 60 years at most private sector companies. The company is also in the process of finalizing an ESOP scheme for employees.
Source: 21-01-08 Business Standard Compiled by Amresh Anjan
TCS Luring Trainees And Fresh Recruits With Overseas Placement
Taking an innovative human resource initiative, Tata Consultancy Services (TCS) is placing some of its trainees and fresh recruits at client sites overseas to help them understand the client demands and enable them to interface with clients better. These employees will return at TCS’ respective development bases to serve the same client’s global operations. For a major global telecom client, TCS will place about 5 per cent of its fresh recruits with client sites. The move is seen as an effort to make it attractive to employees and help bring down the overall attrition levels. TCS employs over 6,000 people in Hyderabad centres, and has recruited about 4,000 people, including about 2,700 freshers during 2007.
Source: 24-01-08 www.sify.com Compiled by Amresh Anjan
US Sub-Prime Loan Crisis Sends Ripples To India
About 30 per cent of the back-end operations of global financial majors are outsourced to India. Nearly 5,000 Indian employees are estimated to be working for Wall Street firms. This offshoring generates lots of revenue but it is also makes jobs here vulnerable to global economic jitters. For instance, the recent sub-prime housing loan crisis in the US has forced the US-based financial services giant Lehman Brothers to shut down its mortgage division in India. However, the company insists that the 100-strong workforce will not be laid off, it will be shifted to other departments.
Source: 19-01-08 Hindustan Times Business Compiled by Amresh Anjan
Aegis BPO Innovates Curriculum To Arrest Attrition
Aegis business process outsourcing has come up with an innovative in-house curriculum Aegis Ace, based on employee feedback. The course is meant to arrest attrition. Annually, the company’s attrition on an average ranges from 38 to 58 per cent. However, in the last three months, this figure has come down by 25 per cent. The modules in the course address the employees' work-life issues. Also, there is different curriculum for each employee level. The duration of the course varies from a minimum of six to nine months. At present, 1,700 employees have enrolled for the course at its seven centres across India.
Source: 21-01-08 ww.rediff.com Compiled by Amresh Anjan
Back-Up Placement Option For Executive Students At IIM-A
IIM, Ahmedabad has put in place a back-up plan for entrepreneurial participants of the PG management programme, in case their ventures do not take off as planned. The students with entrepreneurial dreams, who do not sit for placements this year, can instead participate in the recruitment process next year. This year, recruiters participating in the placements include McKinsey, Microsoft, GE, Shell, RPF, Infosys and others.
Source: 21-01-08 Business Standard Compiled by Amresh Anjan
Chinese Manpower Working In Indian Power Sector
The Indian power sector is being powered by Chinese equipment and manpower these days. Chinese manpower from companies such as Dongfang Electric Corporation (DEC), Sichuan Machinery and Equipment Corporation (SCMEC) and Shandong Electric Power Construction Corporation (SEPCO) is employed in large numbers in the country. The power sector requires skilled engineering experts and the Chinese companies are using their own people for deploying the power plant equipment. However, the Chinese workers are not eating into anybody’s jobs, since there is also a huge shortage.
Source: 21-01-08 www.rediff.com Compiled by Amresh Anjan
Govt To Fix Minimum Wage For Workers Seeking Jobs Abroad
Minister for Overseas Indian Affairs Mr Vayalar Ravi has said that India is yet to fix a realistic minimum wage for its domestic workers seeking jobs abroad. The minister believes that the wage should reflect the conditions in each of the countries where the workers are employed. Most Indian missions feel that a monthly salary of minimum $300 is a decent amount. The minister has commended the UAE for taking major steps to ensure the welfare of expatriate workers by introducing salary payment through banks and strict inspections.
Source: 23-01-08 www.livemint.com Compiled by Amresh Anjan
Tata Teleservices MD Resigns
Mr Charles Anthony, Tata Teleservices Managing Director for Maharashtra, has quit the organization citing personal reasons. Mr Mukund Rajan, Tata Teleservices and Videsh Sanchar Nigam Director, has been appointed to replace Mr Anthony as Managing Director of the telecom company.
Source: 23-01-08 Business Standard Compiled by Amresh Anjan
Infosys CEO Fined For Disrespecting Company Rule
Infosys Technologies Ltd Chief Executive Officer Mr S Gopalakrishnan has been fined Rs 500,000 for not reporting on time a change in his share ownership. Mr Gopalakrishnan had inherited 12,800 shares from his mother on Dec. 24 but he failed to notify the same to the company within one business day. Thus, the audit committee imposed a fine on him as per its insider trading rules. Now, Infosys CEO would be required to pay the penalty to a charity.
Source: 22-01-08 www.indianexpress.com Compiled by Amresh Anjan
RMG Connect India Appoints Ms Meera Sharath Chandra
Ms Meera Sharath Chandra has been appointed by RMG Connect, a JWT Group Company, as President & National Creative Director. She possesses over seventeen years of prior experience at JWT and two years as National Creative Director for non-traditional services at Mudra Marketing. Ms Meera has a successful track record with clients like HSBC, Cadbury, Citibank, Ford, Walt Disney, Pepsi, Nestle and Platinum Guild. She has been widely acclaimed with awards in a wide range of international competitions from Cannes to the Webbys.
Source: 19-01-08 in.biz.yahoo.com Compiled by Amresh Anjan
MSN India Appoints Ms Maya Hari As Consumer Marketing Head
Ms Maya Hari has been appointed by MSN India as consumer marketing head. She will report to the company’s country manager, Mr Jaspreet Bindra. Prior to this, she has worked at Google India for a year. At MSN, she will be responsible for the marketing and PR activities of all consumer products, including the MSN portal, MSN mobile, Windows Live Hotmail, MSN Messenger and the blogging platform, Live Spaces. Ms Hari started her career in 2000 and has worked with big names like Schlumberger (US), a semiconductor solution provider, Cisco Systems (US), and Google. She is an engineering graduate from the Utah State University in the US and an MBA from INSEAD, France.
Source: 24-01-08 www.agencyfaqs.com Compiled by Amresh Anjan
JSW Group In Expansion Mode
JSW Group intends to reach total employee strength of 50,000 within five years. The company has a huge expansion plan of Rs 40,000 crore and is looking to hire quality people across steel, cement and aluminum divisions. The company will employ 15,000 people in West Bengal where it is setting up a 10 million tonne integrated steel plant. Similarly, at its Vijayanagara steel plant, the company will take the total headcount to 14,000 employees in two years’ time. Currently, JSW has an employee strength of 7,000 people.
Source: 24-01-08 The Financial Express Compiled by Amresh Anjan
Two British Companies To Outsource Work To India
Two major British companies, Capita and Experian, have decided to cut their employee strength and move work to Mumbai and Bangalore in India. Capita has informed nearly 400 workers in their Birmingham unit that the site will be closed by the end of the year. Experian is also in the process of cutting hundreds of jobs in Britain to cut costs after a dramatic slowdown. The 15,000 employees-strong company is scaling back its IT development workforce in Britain and the US and plans to outsource many of the jobs to India, Chile and Bulgaria.
Source: 24-01-08 www.ibnlive.com Compiled by Amresh Anjan
Citigroup To Cut Down 400 Jobs In UK
Faced by huge subprime-related losses, Citigroup is set to lay off nearly 400 employees in its UK investment banking business. The bank plans to reduce the headcount by 4,200 globally. The remaining 3,800 job cuts are expected in its US consumer finance business and Asia. Currently, the bank has a headcount of about 11,000 people in the UK. The group reviews its staff every year with an aim to replace the weakest 5 per cent with stronger external recruits. However, this year only a minority of departures would be replaced.
Source: 24-01-08 The Financial Express Compiled by Amresh Anjan
Buyouts To All Ford Hourly Workers In The US
Ford Motor and United Auto Workers (UAW) have reached an agreement under which Ford will offer buyouts to UAW- resresented hourly workers. The move is likely to trim thousands of jobs and pave the way for lower-wage replacemnts. In 2006, in a similar scheme, hourly workers were offered eight packages ranging from $35,000 to $140,000 and approximately 33,600 hourly workers left. In order to trim the hourly work forces, GM has begun offering early retirement packages and buyouts to 5,200 UAW hourly workers.
Source: 25-01-08 Hindustan Times Business Compiled by Amresh Anjan
Top Order Rejig At eBay
Ms Meg Whitman has called it quits as the CEO of eBay Inc. Ms Whitman would step down as its president and CEO on March 31.She would be replaced by Mr John Donahoe. eBay has also brought in India-origin former finance head Mr Rajiv Dutta to the board. Mr Rajiv Dutta, currently president of its PayPal unit, has been appointed as Executive Vice President of eBay Inc and would replace Mr Donahoe as president of the auction business unit - eBay Marketplaces. Mr Dutta has previously served as the company's chief financial officer and president of Skype, eBay's communications business.
Source: 24-01-08 www.rediff.com Compiled by Amresh Anjan
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