| EPFO Likely To Pay 8.5% Interest To Its Subscribers This Fiscal |
| According to Labour Ministry, the Employees’ Provident Fund Organisation (EPFO) aims to pay 8.5% interest to its 40 million-plus subscribers for 2009-10, as new fund managers have helped it earn better returns. The fund earned a minimum interest of 8.68% between September and March. |
| Source: 28-05-09 www.livemint.com Compiled by Amresh Anjan |
| Top Level Resignations At Satyam |
| Three senior support managers at Satyam Computer’s BPO unit have put in their papers in search of greener pastures. Satyam BPO Global head (human resources) Mr Naresh Jhangiani, along with Mr V Satyanandam (head of corporate services) and Mr Kulwinder Singh (head of marketing-Asia Pacific) have resigned. In another significant development, Satyam Computers’ Services Australia chief Mr Deepak Nangia has also resigned from the company. |
| Source: 26-05-09 www.financialexpress.com Compiled by Amresh Anjan |
| NREGP Daily Wages Increased To Rs 100 In Andhra |
| In a little cheer for Andhra Pradesh, the daily wages under the National Rural Employment Guarantee Programme have been increased from Rs 80 to Rs 100. So far, the state has issued 124.36 lakh job cards under the scheme and 169.32 lakh individuals were provided employment. |
| Source: 27-05-09 www.rediff.com Compiled by Amresh Anjan |
| Satyam Has 10,000 Staff In Excess: Tech Mahindra |
| It seems the woes of Satyam employees have not ended with the takeover by Tech Mahindra as the latter said recently that Satyam Computer Services’ has more than 10,000 excess staff. Mr Vineet Nayyar, the chief executive of Tech Mahindra has said that there was a need to lower the headcount. However, Mr Kiran Karnik, chairman of the board appointed by the government to salvage the company, has said that Satyam was looking at cost-control measures such as wage cuts but not layoffs. |
| Source: 26-05-09 www.livemint.com Compiled by Amresh Anjan |
| SAIL Staff To Reduce By 7,000 This Fiscal |
| Domestic steel giant SAIL has said that it might witness a fall in its staff strength by up to 7,000 in FY ’10 as it continues to rationalise its manpower to reduce employee cost by Rs 350 crore (Rs 3.5 billion) per annum. Presently, SAIL's workforce stands at about 1,20,000 employees across the country. The company saw a net reduction of 7,500 employees by way of superannuation and voluntary retirements in 2008-09. |
| Source: 28-05-09 www.rediff.com Compiled by Amresh Anjan |
| Bosch To Ramp Up Its India Headcount By 2,000 In 2 Yrs |
| Bosch To Ramp Up Its India Headcount By 2,000 In 2 Yrs |
| Source: 27-05-09 www.financialexpress.com Compiled by Amresh Anjan |
| Maytas Infra To Scrap Jobs |
| Maytas Infra, the company promoted by the family of Satyam founder Mr B Ramalinga Raju, has reviewed its HR policy and decided to rationalise its employee strength. As part of the new plan, there would be some job cuts and inductions as per the situation. The company has not revealed any numbers so far. |
| Source: 28-05-09 Business Standard Compiled by Amresh Anjan |
| Britannia Allots Esops To MD |
| Britannia Industries has approved the grant of 15,000 options to Ms Vinita Bali, its managing director. The grant has been made under the employee stock option scheme (ESOS) of the company. Each option granted would entitle the employee upon exercise of options to receive one share of the company. |
| Source: 29-05-09 Financial Express Compiled by Amresh Anjan |
| Mr Malvinder Singh Steps Down As Ranbaxy CEO |
| Following the mounting heat from Japan’s third-largest drugmaker Daiichi Sankyo for its lower annual profits for the last fiscal, Ranbaxy chief Mr Malvinder Singh has stepped down as the chief executive officer (CEO) of Ranbaxy Laboratories. As of now, Mr Atul Sobti, Ranbaxy’s chief operating officer, has been promoted to the post of chief executive and managing director for a period of three years. Non-executive director Mr Tsutomu Une has been deputed as chairman. |
| Source: 25-05-09 www.indianexpress.com Compiled by Amresh Anjan |
| Nation-wide Strike By Bank Employees On June 12 |
| Nation-wide Strike By Bank Employees On June 12 |
| Source: 27-05-09 www.hindu.com Compiled by Amresh Anjan |
| Fortune Ranks Google As Top Employer For MBA Graduates |
| According to the Fortune magazine, internet search giant Google is the world's top employer for MBA graduates. Google has emerged on top for the third year consecutively. With over 20 per cent MBA graduates wishing to work at the firm for its inimitable reputation and innovative work environment, Google has been ranked at the first place in the list of top 100 employers for B-school graduates. The second rank is taken by consulting firm McKinsey & Company followed by Bain & Co (third), financial services major Goldman Sachs Group (fourth), and tech giant Apple (fifth). |
| Source: 24-05-09 www.dnaindia.com Compiled by Amresh Anjan |
| Nikon To Axe About 1,000 Jobs In Precision Equipment Division |
| Japanese camera maker Nikon Corp has announced plans to eliminate nearly 1,000 jobs at its precision equipment division. The division has staff strength of 4,600 currently. The job cuts have been announced in face of the fast economic deterioration. 800 jobs will be lost out of about 2,900 domestic production jobs and some 200 of about 1,700 jobs for overseas and domestic sales and services. |
| Source: 26-05-09 www.livemint.com Compiled by Amresh Anjan |
| All Pay Raises, Most Bonuses Cancelled By BT |
| British telecoms group BT has scrapped all salary increments and cut the majority of its bonuses following two profit warnings. The new chief executive of the troubled Global Services unit, Mr Hanif Lalani, would not receive any bonus but BT has to pay out £2.85 million ($4.5 million) to the former chief executive of the unit, Mr Francois Barrault. The company would not dispatch any bonuses relating to financial targets this year as all financial targets were missed, however, executive directors would get some bonuses for performance in other areas. |
| Source: 27-05-09 www.livemint.com Compiled by Amresh Anjan |
| U.S. Jobless Claims Stand At 623,000 Last Week |
| According to the Labor Department, the number of U.S. workers filing new claims for unemployment benefits dropped by 13,000 last week. Dropping continuously for the second week, the numbers declined to a seasonally adjusted 623,000 in the week ended May 23 from a revised 636,000 in the prior week. Some 5.7 million U.S. jobs have been eliminated from payrolls since a severe recession began in late 2007. |
| Source: 28-05-09 news.yahoo.com Compiled by Amresh Anjan |
| Steel Czar Mr L N Mittal To Take 15% Pay Cut |
| To contain spiraling costs at ArcelorMittal, its CEO Mr Lakshmi Niwas Mittal, along with his son Mr Aditya Mittal and daughter Ms Vanisha, will take a 15 per cent cut in their salaries for their roles at the company. The top brass at the company has unanimously agreed for a 15 per cent cut in compensation. This measure was limited to the senior level positions -- vice presidents and above. During 2008, Mr L N Mittal received a base annual salary of $1,916,000, a performance-related cash bonus of $2,200,000 and 60,000 stock options. |
| Source: 25-05-09 www.rediff.com Compiled by Amresh Anjan |
| Mr N Chandrasekaran To Be TCS CEO |
| Tata Consultancy Services has announced that the company's chief operating officer Mr N Chandrasekaran will succeed Mr S Ramadorai as the CEO and managing director on October 6. Mr Ramadorai is retiring on October 5. He has held the top position at TCS for five years after he was appointed as the CEO and MD on August 9, 2004. |
| Source: 26-05-09 www.rediff.com Compiled by Amresh Anjan |
| Mudra Appoints Mr Azazul Haque As The Creative Director |
| Mr Azazul Haque has been appointed as the Creative Director by Mudra Delhi. Prior to this, Mr Haque was Assistant Creative Director at Lowe. He possesses over nine years’ experience in advertising. During his career tenure, he has worked with Lowe Lintas & Partners, PerceptH, Bates, and Publicis. |
| Source: 23-05-09 www.exchange4media.com Compiled by Amresh Anjan |
| Development Credit Bank Gets A New MD & CEO |
| Development Credit Bank has appointed Mr Murali M. Natarajan as MD & CEO. Prior to this, Mr. Natarajan was global head for SME banking in Standard Chartered Bank. |
| Source: 26-05-09 www.hindu.com Compiled by Amresh Anjan |
| New MD Appointed At AkzoNobel |
| AkzoNobel has appointed Mr Amit Jain as managing director of its decorative paints business in India and Sri Lanka. In this position, he succeeds Mr Rajiv Jain, who will be retiring as managing director. |
| Source: 28-05-09 www.hindu.com Compiled by Amresh Anjan |
| Top-Level Reshuffle At Thomas Cook India |
| In a restructuring of the top brass, Thomas Cook India has announced that Mr Heinrich-Ludger Heuberg, CEO, will take over as the new non-executive chairman of TCIL and Mr Udayan Bose will step down as the non-executive chairman of the company. |
| Source: 29-05-09 Financial Express Compiled by Amresh Anjan |
| New Marketing Head For Indian Express |
| Indian Express has appointed Mr Rajiv Jaitly as President, Marketing. Before joining Indian Express, Mr Jaitly was with Dainik Bhaskar Corp (DB Corp) as President, Marketing and Ad Sales. He comes with 23 years of professional experience in the media, FMCG and telecom industries. |
| Source: 25-05-09 www.exchange4media.com Compiled by Amresh Anjan |
| New CEO For Delhi International Airport |
| In a major restructuring, the GMR group has appointed chief executive officer of GMR Hyderabad International Airport Ltd (GHIAL), Mr P.S. Nair as the new CEO of the Delhi International Airport Ltd (DIAL). Mr Nair replaces Mr B.S. Santharaju, who joined Indus Towers Ltd as CEO. He possesses 32 years of experience in airport operations, infrastructure planning and development. Before joining GHIAL, Mr Nair was a board member in the Airports Authority of India (AAI). At GHIAL, Mr P. Sripathy will succeed Mr Nair. |
| Source: 27-05-09 www.livemint.com
Compiled by Amresh Anjan |
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