HR Headlines: Jun-10 (Part-4)

For more article, Visit at : www.amreshanjan.co.cc   PF Not Be Taxed Now: Govt 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.com   Compiled 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.com   Compiled 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.com   Compiled 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. Source : 17-06-10   The Hindu   Compiled by www.naukri.com