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The government has dropped a controversial proposal to tax retirement benefits like PF on withdrawal, as also a move to impose Minimum Alternate Tax on corporates based on their assets, from the revised draft Direct Taxes Code. The Code, which has been released for public discussion, does not give any details on the Income Tax structure such as the slabs or rates, while dropping the proposal to tax Government Provident Fund and Public Provident Fund and other retirement benefits as was recommended in the first draft unveiled in August 2009.
1. Retirement benefits will not be taxed.
2. Provident funds will not be taxed on maturity.
3. New tax slabs and rates to be announced later.
4. All perks will be taxed at the normal tax rates.
The government will bring in a new Income Tax legislation to replace the archaic Act of 1961 based on the outcome of discussion on the revised draft code. Mr Sunil Mitra, Revenue Secretary, said the taxation rates in the first draft, which suggested 10 per cent tax on income from Rs 1.60-10 lakhs and 20 per cent on income between Rs 10-25 lakhs and 30 per cent beyond that, were illustrative. He also said the tax rates would be made known only in the proposed Act, a bill for which will be introduced in Parliament in the coming monsoon session.
Source : 15-06-10 ibnlive.in.comCompiled by Amresh Anjan
France Increases Retirement Age
The government of France announced that it would increase the retirement age and raise taxes for top earners in a long-awaited reform aimed at balancing the heavily indebted pensions system by 2018. As per the plan, the minimum retirement age will be raised to 62 from 60 over the next eight years, and a wave of new levies will come into force from 2011 on capital gains, stock options, and other investment income to help plug the pension shortfall. President Mr Nicolas Sarkozy hopes the new movement will show he is serious about slashing record public deficit and debt, and enable France to cling to its prized AAA sovereign debt rating.
Source : 16-06-10 DNA Compiled by Amresh Anjan
5 Lakh New Jobs… Coming Soon!
Human Resources service provider, Ma Foi Randstad estimated well over five lakh fresh jobs being generated in the first half of the current fiscal, on the back of economic recovery. The Employment Trends Survey of the company for the first quarter of 2010, projected 70 per cent jobs to be created in April-June alone. A total of 5,01,027 jobs will come up in the organised sector in India in the first half of the year, with 3,47,463 jobs, are projected to be created in the second quarter of 2010 alone. "Revival of economy has brought back positive sentiments and the organised sector is back on hiring mode. In addition to job generation and rise in salary levels, we also expect intra-sector movement of skilled workforce," Ma Foi Randstad CEO (India & Sri Lanka) Mr K Pandia Rajan said.
Source : 17-06-10 ibnlive.in.comCompiled by Amresh Anjan
Satyam Staff To Get Salary Hike Next Month
Information technology company, Mahindra Satyam (earlier known as Satyam Computer Services Limited) is planning to announce a pay hike for all its employees on July 1. According to a top executive of the company, this follows Mahindra Satyam's annual appraisal process 'ASPIRE', which begins in April and ends in June. The exercise applies to all the 25,000 associates and will be communicated internally to the company's leaders on June 21.
Source : 18-06-10 rediff.comCompiled by Amresh Anjan
Pay Hike In Pharma To Be The Highest
Employees working in the pharmaceutical sector can expect to get an average pay hike of 13 per cent in 2010-11, according to HR services provider Ma Foi Randstad. The sector is likely to see the highest salary increase of 13.2 per cent on an average this fiscal. On the other hand, real estate and healthcare are expected to see hikes of 12.1 per cent, while the energy space may see pay grow 12.8 per cent on an average.
Source : 18-06-10 The Telegraph Compiled by Amresh Anjan
Many Freshers Get Nothing But Peanuts
In spite of her anxiety about getting into the job market in a few days, Ms Sunitha P is not very optimistic. She has just completed her engineering degree and has to be content with a modest pay package of Rs 90,000 per annum at a call centre. However, she feels that she is lucky to have at least got this job, as several of her classmates from her engineering institute in Davangere, about 265 km from Bangalore, are still scouting left, right and centre for one. She says that even though various surveys suggest that hiring is back, the situation in tier III towns and institutes is still gloomy. According to Mr HO Agarwal, director at a management institute in Uttar Pradesh, very limited recruiters visit campuses in semi-urban areas, students have no choice but to take up whatever comes their way. Mr Rishi Das, co-founder and CEO of Bangalore-based talent acquisition firm CareerNet Consulting said that usually, students settle for salaries of Rs 5,000 then work hard, gain whatever experience they can, and start hunting for jobs with bigger organisations.
Source : 18-06-10 DNA Compiled by Amresh Anjan
ISB Gets Whopping 541 Offers!
Indian School of Business (ISB) got 541 offers, including 65 international, from 346 companies for its batch of 2010, which graduated in April. As part of its rolling placement system (RPS), the placement season has been extended for the batch till June to give more time for companies and students to find the right match. The average domestic cost to company (CTC) has jumped to Rs 16.7 lakh, up 11 per cent from Rs 15.05 lakh in 2009. Other than that, the average outgoing salary this year is more than double the incoming salary.
Source : 16-06-10 Business Standard Compiled by Amresh Anjan
Mr Dheeraj Hinduja Likely To Become Ashok Leyland Chairman
The diversified Hinduja Group may bring a major change at the helm of flagship firm Ashok Leyland as well as Hinduja Foundries by appointing Mr Dheeraj Hinduja as their chairman. As per industry sources, Mr Dheeraj Hinduja, son of Mr Gopichand Hinduja, may replace Mr R J Shahaney as chairman of both Ashok Leyland and Hinduja Foundries. "It is a natural progression and is likely to happen by August-end. Mr Shahaney is 80-plus now and will retire," an inside source revealed.
Source : 15-06-10 Business Standard Compiled by Amresh Anjan
REC Appoints New CMD
Mr JM Phatak has been appointed as chairman and managing director of Rural Electrification Corporation. His appointment was approved by appointments committee of cabinet.
Source : 18-06-10 The Financial Express Compiled by Amresh Anjan
Citi To Appoint Mr Shukla As Head Of Corporate Banking
Global financial services company, Citi has named Mr Rahul Shukla as head of corporate banking in India. He will report to Mr Ravi Kapoor, head of global banking in India. Prior to this, Mr Shukla was head of telecom, media & technology (TMT) for the Asia-Pacific region.
Source : 18-06-10 The Financial Express Compiled by Amresh Anjan
Sarasin Alpen Has Named Mr Khazanchi As Head Of India Operations
Sarasin Alpen (India), a subsidiary of the Swiss private bank, Bank Sarasin & Co, Switzerland, has appointed Mr Shiv Khazanchi as its managing director to head its India operations. According to a press release, he will be based out of Sarasin Alpen's New Delhi office. Besides his responsibilities as head of Sarasin Alpen, Mr Khazanchi will oversee the operations of Alpen Capital India.
Source : 18-06-10 The Financial Express Compiled by Amresh Anjan
Andrew Solutions Promotes Mr Navin Vohra
Andrew Solutions has elevated Mr Navin Vohra as Vice-President of Sales, Asia Pacific. He previously served as Andrew's Vice-President of Sales for India and Saarc countries. In the new position, which is effective immediately, Mr Vohra will be responsible for leading all of Andrew's customer-facing sales activities in the Asia Pacific region, including India but excluding China.
Source : 18-06-10 The Financial Express Compiled by Amresh Anjan
Ingersoll Rand Appoints Mr Manjunath MS
Mr Manjunath MS has joined Ingersoll Rand as the leader – business creation, climate solutions (cold chain) for its Indian operations. In the new profile, he will be responsible for developing and promoting business in the cold chain vertical. Previously, he was working with Rinac as vice-president business development.
Source : 18-06-10 The Financial Express Compiled by Amresh Anjan
Mr Manikkan Sangameswaran Joins ICICI Venture
ICICI Venture, the private equity arm of ICICI Bank, has appointed Mr Manikkan Sangameswaran, former chief of Babcock & Brown Infrastructure's India unit, to head its infrastructure business. Mr Sangameswaran will head the private equity arm's soon-to-be launched infrastructure fund.
Source : 18-06-10 Business Standard Compiled by Amresh Anjan
Tata Sky Gets A New Managing Director
Mr Harit Nagpal, the group marketing director, Vodafone plc., will soon become the Managing Director of Tata Sky. Mr Vikram Kaushik, the present Managing Director, is going to retire on December 31, according to a release.
Management Schools Outsource Placements To HR Consultants
These days, a large number of B-schools in the country are outsourcing the process of student placements to human resource (HR) firms. Several B-schools revealed they had hired HR consultancies to find jobs for their students. Take the case of Enrich Management Academy (EMA), a Bangalore-based B-school, which will offer a two-year post graduate progamme in management from this academic year. The institute is launching operations in Bangalore, Pune and Mumbai. It is mentored by Mr N S Ramaswamy, founder-director of Indian Institute of Management Bangalore (IIM-B). EMA plans to have an intake of 60 students in each location. The institute has tied up with TROI Management Consultants — a company engaged in recruitment, training and staffing services. According to Officials from EMA, the management consultant company would work with students from the day they get enrolled into the institute. HR firms not only help the students design their resumes but also groom them and provide them with jobs. These firms charge between Rs 20,000 and Rs 60,000 per student, the head of one of the top 10 recruiting firms in the country said.
Source : 10-06-10 Business Standard Compiled by Amresh Anjan
Strike Ends, Work Resumes At Hyundai's Plant
Work at Hyundai's India plant is back in action as the three-day strike ended after an agreement between the car maker and striking workers, a spokesman for the local unit revealed. As part of the settlement, Hyundai's India unit agreed to review the dismissal of 35 of 67 sacked workers, spokesman Mr Rajiv Mitra said. A committee with representatives from Hyundai, the government and the workers' union has been formed to consider the reinstatement, he added.
Source : 09-06-10 Reuters Compiled by Amresh Anjan
Job Flood Hits India
If you are just out of college and looking for a job, there is some good news for you. According to Manpower, Global HR firm, among the 36 countries surveyed, Indian employers are still the most confident. Managing Director, Manpower India Mr Sanjay Pandit said, ''Almost all the sectors have recovered and job hiring is on all time high.'' The survey though says that recruiters in the North and East India are still not in the hiring mode. But down south in Chennai, Bangalore and Hyderabad, the scenario is quite different. The survey says that hiring in India could touch 42 per cent, which was the figure before the slowdown happened. As per the survey, the era of job losses is over and companies will now try hard to retain workers.
Source : 09-06-10 IBNLive.in Compiled by Amresh Anjan
Singtel's CEO For International Ops To Step Down
Singapore Telecommunications said that its CEO for international operations Mr Lim Chuan Poh, one of the firm's top executives, will retire at the end of this year. Mr Lim joined SingTel in 1998 and was appointed CEO International in 2006. The company did not give a reason for his early retirement.
Indian Bank, one of the public sector banks of India, is planning to hire more than 700 clerks. The bank has made announcement for the current jobs in the time just after the major economic recession all over the world.
Mr Chetan Dave Named As President & CEO Of IDFC's Real Estate Investments
IDFC has named Mr Chetan Dave as President & CEO of Real Estate Investments with immediate effect. In this new role, Mr Dave will be responsible for building and developing a portfolio of infrastructure-focused real estate assets and real estate private equity funds management business. He will also serve on IDFC's Management Committee. Before this, he was the founding Managing Director & CEO of Sun Apollo Real Estate Advisors.
Source : 10-06-10 Constructionweekonline.in Compiled by Amresh Anjan
Amul Chief Executive Resigns
There's a wave of insecurity at Gujarat Co-operative Milk Marketing Federation (GCMMF), famous for its Amul brand, with Managing Director Mr B M Vyas putting in his papers. His term was to end this October but Vyas resigned on June 8. While there is a buzz that Mr R S Sodhi, Chief General Manager, may get the job, sources close to the development say Mr Vyas himself may get an extension from the board of directors, considering the success he had achieved in the past five years. Asked if he would continue if his term was extended by the board, he declined to answer.
Source : 11-06-10 Business Standard Compiled by Amresh Anjan
Air India To Take Strict Action Against Employees Resorting To Frequent Strikes
Angry with the militancy of the 31,000-strong Air India staff union, the government is firming up an action plan to control the state-owned carrier's employees who resort to frequent strikes to press their demands. The Union Cabinet has asked civil aviation minister Mr Praful Patel to come up with a strategy in this regard. The official sources revealed that the idea is to empower the Air India management to handle recalcitrant staff with an iron hand.
Source : 09-06-10 The Financial Express Compiled by Amresh Anjan
Ministry Looks To Attract Young Talent In Legal Services
Worried by the fact that promising, fresh law graduates are more interested to join high-paying private law firms than work for the government, the Union law and justice ministry is giving final touches to an ambitious plan to entice such law graduates. To start with, the law minister is expected to announce a scheme to permit law graduates to enter the government after clearing a civil services-type national-level examination and joining the Indian Legal Service (ILS). To be designed after the existing national civil services such as the Indian Administrative Service (IAS), Indian Police Service (IPS), Indian Foreign Service (IFS), etc, the ILS exam would be conducted every year by the Union Public Service Commission. "The law ministry has already finalised the framework for the ILS. The UPSC will hold a written exam, followed by viva voce on the same pattern as the civil services examination. Our aim is to have at least 60 ILS officers every year," said a law ministry functionary. After being selected, ILS officers would be appointed law officers in the government of India as well as state governments, which opt for the service.
Source : 11-06-10 The Financial Express Compiled by Amresh Anjan
Infosys To Increase Staff Strength By July
Infosys will add 30,000 employees to muster up its already existing 1,15,000-staff strength by next month. "The hiring target of 30,000 is nearly complete. We've started sending letters this month," CEO Mr Kris Gopalakrishnan said at the sidelines of a CII meeting. Return of growth has whipped up a battle for mid-level talent among IT majors, he added.
Source : 11-06-10 The Financial Express Compiled by Amresh Anjan
Bonuses Back For ICICI's Top Bracket
The largest private sector lender of the country, ICICI Bank has restored performance bonuses and stock options for its top brass for the year ended March 31. In 2008-09, the bank's top executives had decided to give up their bonus payouts and stock options.
Source : 09-06-10 Business Standard Compiled by Amresh Anjan
Employees of public sector banks (PSBs) could soon get incentives to perform better and acquire new skill sets. A government committee has suggested 15-20% variable component in their remuneration, along with the removal of the existing upper limit for their salary package. The committee has also pitched for a hike in retirement age to 62 years from the current 60, sources in the committee said. The proposals are aimed at infusing a greater degree of professionalism in the banking industry of India, which is on the verge of a makeover with the slow and steady globalisation of the financial sector.
Source : 04-06-10 The Financial Express Compiled by Amresh Anjan
Share Of Minorities In Government Jobs Rises
According to the latest data by government, the share of minorities — including Muslims — in government jobs is rising steadily on the back of the Prime Minister's 2007 directive to focus on their employment. In the last three years, there has been a significant rise in government recruitment of minorities: 6.9 per cent in 2007 to 8.3 per cent in 2008 and 9.24 per cent last year. Between '08 and '09, the share of minorities on government jobs increased 24 per cent. The directive in 2007 came after the Sachar Committee, which probed the disadvantages faced by Muslims — who make up more than 85 per cent of India's minority population — found the community lagging on various socio-economic parameters.
Source : 03-06-10 Hindustan Times Compiled by Amresh Anjan
Per Capita Income Increases By 10.5% In FY10
The per capita income increased by 10.5% to Rs 44,345 in 2009-10 against Rs 40,141 in the year-ago period, as per the government data. The per capita income was a little higher than Rs 43,749 as calculated by the Central Statistical Organisation (CSO) in its advance estimates for FY10. However, per capita income grew by 5.6% last financial year if it is calculated on the basis of 2004-05 prices, which is a better way of comparison.
Source : 30-05-10 DNA Compiled by Amresh Anjan
Michelin Plans To Increase Its Headcount In India
Michelin, French tyre major, said it will recruit about 200 people in India this year as it gears up to start production from its Chennai plant in the next two years. "Our goal is to hire a little less than 200 people this year. They will be sent to Thailand for a three-week course once they come on board with us, after which they will be assigned to one of our overseas facility till the plant in Chennai becomes operational," Michelin President (Africa, India and Middle East) Mr Prashant Prabhu said.
Source : 02-06-10 Business Standard Compiled by Amresh Anjan
British Airways And Its Union Resume Talks
British Airways management and union leaders resumed talks in an attempt to end a dispute over pay and working conditions. Negotiators for BA and the Unite union have met several times, but there has been little sign of a breakthrough in the bitter dispute. Cabin crews of the airline walked out for seven days in March and they have worked only one day since a current strike period began May 24. As a result, BA had to cancel hundreds of flights during a busy vacation period.
Source : 02-06-10 Business Standard Compiled by Amresh Anjan
Jet Airways To Hike Salaries Of Its Employees Soon
Private carrier, Jet Airways may bring in some cheer amid the ongoing tension in the airlines arena. After missing pay hikes and promotions last year, the airline's staff are all set to receive their due very soon. CEO, Mr Nikoss Kardassis said that 8,000 of the airlines' staff will get title and salary hikes on a case-to-case basis, soon.
Source : 31-05-10 The Financial Express Compiled by Amresh Anjan
Aditya Birla Minacs To Hire 1, 500 People This Year
Aditya Birla Minacs (earlier Transworks), the BPO firm of the Aditya Birla Group and subsidiary of Aditya Birla Nuvo, is all set to hire over 1,500 people in 2010. The firm raised Rs 250 crore about 4 months back to fund its expansion plans including acquisitions and organic spread. "We are seeing increasing demand for outsourcing of insurance, claims, underwriting, procurement, financial accounting and other processes from firms in the US, Canada and India," Mr Deepak Patel, CEO of Aditya Birla Minacs, said.
Source : 03-06-10 Hindustan Times Compiled by Amresh Anjan
SBI Proposes Staff Incentives
State Bank of India (SBI) is planning to provide incentives to its employees to check on its operating expenses, after being hit by the large quantum of expenses in 2009-10. "The plan is to tell the employees either to boost productivity with the current level of expenses or maintain current level of productivity with lower expenses... We will be adequately incentivising our staff for this," a top official of the company said, adding that the bank is also reviewing its operational processes and seeking decisions from professional experts.
Source : 01-06-10 The Financial Express Compiled by Amresh Anjan
Aegis Plans To Add 11,000 Employees To Its Portfolio
Aegis Ltd, a BPO company from the Essar Group, plans to hire 11,000 people in the current fiscal, managing director and chief executive officer of the company, Mr Aparoop Sengupta said. "We see a huge demand across geographies for BPO services. The hiring is to meet the demand," said Mr Sengupta. In the meantime, looking at the crunch of people to manage customer experience management across sectors, the firm is looking to training and recruiting people. For this purpose, it has set up Institute of Customer Experience Management (ICEM) to train students specifically for the service industry (retail, banking, financial services and insurance, ITeS) focusing on the customer experience and customer lifetime value.
Source : 20-05-10 DNA Compiled by Amresh Anjan
US Labour Market Improves
For the first time in more than two years, private sector employers added jobs in May and the economy's dominant services sector increased payrolls, building evidence that the labour market was picking up steam. New claims for unemployment insurance fell last week, leaving investors looking for more good news, when the government's employment report is expected to show the economy added the most jobs last month since September 1983. Private employers added 55,000 jobs last month, as per the ADP Employer Services report. According to the report, April's tally was revised upward to 65,000 from an initially reported job gain of 32,000. "I think these reports show the labour market is in fact stabilising. ADP was slightly weaker than expected but foreshadows a good number tomorrow," said Tempus Consulting (Washington) senior currency strategist, Mr John Doyle.
Source : 04-06-10 Business Standard Compiled by Amresh Anjan
Indian IT Companies Face Staff Crunch In Europe
In spite of announcing grand hiring plans globally, Indian information technology (IT) firms are finding it difficult to fill hundreds of positions, especially in Europe where business in also down. India's two biggest IT firms: Tata Consultancy Services (TCS) and Infosys Technologies have announced plans to recruit 30000 people each, globally, in the financial year 2010-2011. However, according to Mr Mohandas Pai, member of the board and director-HR, education, research and administration, Infosys Technologies, sourcing of people in Europe is getting delayed if not difficult. "We are sourcing people in Europe. But these are time consuming and investment heavy processes. We are building capacity and infrastructure to source people in Europe," said Mr Pai.
Source : 04-06-10 DNA Compiled by Amresh Anjan
HP To Slash 9, 000 Jobs In 3 Years
Hewlett-Packard (HP) plans to spend $1 billion to strengthen its corporate services business, and will shrink its staff by 3, 000 jobs a year over three years as it consolidates related operations. It aims to save $500 million to $700 million annually by the end of its 2013 financial year.
Source : 02-06-10 Hindustan Times Compiled by Amresh Anjan
Citi Appoints Mr Rajiv Nayar As India CMO Head
Citi has appointed Mr Rajiv Nayar as the head of Capital Markets Origination in India, which deals with debt and equity transactions for the firm's clients in the country. Mr Nayar, who is currently the head of Citi's Capital Management Group for Asia Pacific, will report to Mr Ken Poon, head of Asia Pacific Capital Market Origination and Mr Ravi Kapoor, head of Global Banking India, according to a press release.
Source : 03-06-10 DNA Compiled by Amresh Anjan
Mr Vivek Sahai Is Railway Board Chairman
Mr Vivek Sahai is the new Chairman of the Railway Board and ex-officio Principal Secretary to the Government of India, Ministry of Railways.
Source : 01-06-10 Business Standard Compiled by Amresh Anjan
Mr AK Balyan Named As The New Petronet LNG CEO
Mr Ashok Kumar Balyan has been appointed as the CEO and managing director of Petronet LNG, the nation's largest liquefied natural gas importer. At present, director for human resources and business development in Oil and Natural Gas Corporation, he was selected for the top job by a panel consisting of the heads of the promoters of Petronet, a source said.
Source : 31-05-10 Business Standard Compiled by Amresh Anjan
Mr Luis Miranda To Step Down From His Role As IDFC's CEO
Mr Luis Miranda, president and chief executive, IDFC Private Equity Co Ltd, will be stepping down from his role as the CEO. He would continue as the non-executive chairman from November 1, 2010. Dr Rajiv Lall, MD & CEO IDFC said, "In his new role, Mr Miranda will remain responsible for supporting investor and portfolio company relationships and providing guidance and counsel to the investment team and promoters/management teams."
Source : 04-06-10 livemint.comCompiled by Amresh Anjan
Sales Head Gets The Maximum Hike In Infosys
Mr Subash Dhar, head of global sales, Infosys Technologies' has topped the salary hike chart for the second consecutive year. His overall compensation rose 36% to Rs 1.73 crore. Aided partly by deferred payments, his package had risen over 100% in the previous year.
Source : 31-05-10 The Financial Express Compiled by Amresh Anjan
Audi India Gets A New Head
Luxury carmaker Audi announced the appointment of Mr Michael Perschke as its new head of India operations from July 1. Prior to this, Mr. Perschke was in-charge of the European Service Network Project of Audi AG.
Source : 02-06-10 The Hindu Business Line Compiled by Amresh Anjan
Thinksoft Global Names Mr Matthew Temares As Business Development Mgr
Thinksoft Global, a financial software testing company, named Mr Matthew Temares as Business Development Manager for the US market. Mr Temares has 20 years of experience in selling financial software products. He will be responsible for mining activities in existing accounts and achieving higher revenue growth from sales in the region, according to the company.
Source : 02-06-10 Business Standard Compiled by Amresh Anjan
Carrier Chooses Mr Pandya as MD
Mr. Gaurang Pandya has been appointed as the Managing Director of Carrier Airconditioning & Refrigeration Ltd. His appointment is effective from 10th May, 2010. The company Carrier India is a subordinate of the Carrier Corp, which is a part of the United Technologies Group.
Source : 04-06-10 The Financial Express Compiled by Amresh Anjan
CDC Software Corp Promotes Mr Prakasam
Mr. Nagaraja Prakasam, MD of CDC Software's, India has been promoted as the MD for South and Southeast Asia regions. CDC Software Corporation is a hybrid provider of software applications and services.
Source : 04-06-10 The Financial Express Compiled by Amresh Anjan
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