Apple's Steve Jobs Takes Home Just $ 1 Salary Though he runs the world's most-valued technology company, when it comes to pay, Apple's iconic chief Mr Steve Jobs has been taking home a salary of just $1 at least for the past three years. Mr Jobs, who rejoined Apple in 1997, is the man behind many best-selling gadgets such as iPhone, iPad and iPods. Interestingly, his compensation comes as a sharp contrast to many CEOs worldwide, who get huge pay packets - an issue which was also blamed for the financial slowdown in 2008-09. In addition to the base salary of $1 in 2010, Jobs also received $248,000 as part of reimbursement related to the use of his private plane for business purposes. The company in 2001 had entered into an agreement with Mr Jobs for this annual reimbursement.
Source : 09-01-11 ibnlive.in.com Compiled by Amresh Anjan
Firms Buoyant On Hiring In 2011 The first quarter of the current calendar year is likely to see more job opportunities coming up in the country compared with the same period last year, a survey by global research firm Dun & Bradstreet (D&B) revealed. As per the D&B business optimism index survey conducted on a sample of companies, 54 per cent of the respondents expected an increase in the size of their workforce in the first three-month period. The companies were from different sectors, including basic goods, capital goods, intermediate goods, consumer durables, consumer non-durables and service sectors. While 45 per cent of the respondents aim to keep the number of employees unchanged, one per cent of the respondents expects the size of their workforce to reduce. "The resultant optimism for employees stands at a three-year high of 53 per cent, an increase of four percentage points compared with the previous quarter," according to Dun & Bradstreet. On the whole, the business optimism index continued its upward trend and stood at a three-year high of 171.2 for the first quarter of 2011, an increase of 24.5 per cent year on year, the survey showed.
Source : 08-01-11 The Telegraph Compiled by Amresh Anjan
Staff Cost In Banks: MNC Banks Pay Highest, HDFC Lowest According to a study of 21 large banks, foreign banks, led by Citi India, have the highest employee cost and HDFC has the lowest, with the state-run lenders in the middle. The Boston Consulting Group (BCG) has found that Citi India leads the pack of salary cost in relation to the asset base with the average cost being Rs 19 lakh as of last financial year, followed by Standard Chartered (StanChart) at Rs 13 lakh and HSBC at Rs 12.3 lakh. But what is to be noted here is that Citi India also makes its employees pay back the most, with its average revenue per employee at Rs 127 lakh, way above State Bank of India's (SBI) average revenue of Rs 20 lakh per employee. Contrary to this, the largest lender SBI, a notch down at Rs 6.4 lakh per employee while the new-age state-run IDBI Bank and Oriental Bank of Commerce (OBC) cough up Rs 6.3 lakh each on every employee on an average.
Source : 03-01-11 Business Standard Compiled by Amresh Anjan
Surprise News: Jobs In US Surge, Outlook Up A surprise surge in US private-sector employment last month to its highest level on record gave a signal that the US economy is changing. Private employers added 297,000 jobs in December, triple the median estimate by economists and up from the gain of 92,000 in November, an ADP Employer Services report revealed.
Source : 05-01-11 Hindustan Times Compiled by Amresh Anjan
Govt To Raise Job Plan Wages By 25% The government decided to raise wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme by about 25% from January 1. However, as the new wages are still lower than minimum wages in some states the government decision is likely to be challenged in court as paying wages less than minimum wages is an offence under the Minimum Wages Act. Rural development minister Mr CP Joshi said, "The MGNREGA law does not say anywhere that wages have to be at par with minimum wages." Announcing the decision, he said the National Advisory Council recommendations were considered and the government decided the best way for automatic increase was linking it with annual inflation rate.
Source : 07-01-11 Hindustan Times Compiled by Amresh Anjan
Jones Lang LaSalle India Names New MD For Western India Operations Mr Ramesh Nair, former managing director of Jones Lang LaSalle India's Chennai and Hyderabad regions, has taken up responsibility for the company's western India operations. West India encompasses Mumbai and Pune. Mr Ramesh Nair, who has been with Jones Lang LaSalle India since 1999, is a real estate veteran with fourteen years' multi-faceted experience. During his stay, he has tackled diverse real estate asset classes such as office, retail, land, residential, warehousing and industrial, and he has helped change the real estate fortunes of many domestic and multinational owners, occupiers and investors in South India.
Source : 03-01-11 moneylife.in Compiled by Amresh Anjan
Employers In 2010 Announced Least U.S. Job Cuts In Last 13 Years Employers in 2010 announced the least job cuts since 1997 as the U.S. economy recovered from the worst recession since the 1930s, according to a private survey. There were 529,973 planned firings last year, down 59 percent from 2009 when job cuts reached a seven-year high, as per Challenger, Gray & Christmas Inc. The Chicago-based outplacement firm said December firings dropped 29 percent from the same month a year earlier.
Source : 05-01-11 bloomberg.com Compiled by Amresh Anjan
Amul Announces Appointment Of Mr RS Sodhi As MD Gujarat Co-operative Milk Marketing Federation (GCMMF), the co-operative federation that owns the Amul brand, has named Mr RS Sodhi as its managing director. Mr Sodhi was the acting MD of GCMMF after former managing director Mr BM Vyas's exit a few months ago. The Rs 8005-crore federation had formed a five-member committee to name a suitable successor to Mr Vyas. The committee unanimously announced its decision to select Mr Sodhi – an Institute of Rural Management Anand (IRMA) pass out – for the coveted post. He has been associated with Amul since 1982 and holds around 28-29 years of experience in sales and marketing in Asia's largest milk brand. Previously, Mr Sodhi was the chief general manager of Amul.
Source : 05-01-11 Business Standard Compiled by Amresh Anjan
Domestic Airlines Get More Time To Phase Out Expatriate Pilots The civil aviation ministry has granted much-required relief to domestic airlines, allowing them to hire expatriate commanders and keep them on their payrolls until 2013, as the industry prepares to induct 240 more planes in three years to meet increasing travel demand. The blanket three-year extension is also a shift from the government's policy of granting yearly extensions, and may help India's airlines compete better with carriers in China and South-East Asia in appointing experienced expat pilots. "The deadline (to phase out expat pilots) was to lapse this year. We have now allowed it till 2013," said a civil aviation ministry official.
Source : 09-01-11 livemint.com Compiled by Amresh Anjan
Ageing Japan Keeps Out Foreign Staff Ms Maria Fransiska, a young, hard-working nurse from Indonesia, is just the kind of employee Japan would seem to need to replenish its aging workforce. But Ms Fransiska, 26, has to fight to stay. To extend her three-year stint at a hospital outside Tokyo, she is supposed to pass a standardized nursing exam administered in Japanese, a test so difficult that only 3 of the 600 nurses brought here from Indonesia and the Philippines since 2007 have passed. So she spends eight hours in Japanese language drills, on top of her job at the hospital. But she is determined: her starting salary of $2,400 a month was 10 times what she could earn back home. If she does not qualify, she will never be allowed to return to Japan on the same programme again. In spite of facing an imminent labour shortage as its population ages, Japan has done little to open itself up to immigration. The government is doing the opposite, actively encouraging both foreign workers and foreign graduates of its universities and professional schools to return home while protecting tiny interest groups — in the case of Ms Fransiska, a local nursing association afraid that an influx of foreign nurses would lower salaries.
Source : 04-01-11 The Financial Express Compiled by Amresh Anjan
Indians Looking For 'Dream Jobs' In Malaysia Fall Prey To Fraud Agents Indians looking for ''dream jobs'' in Malaysia are being cheated, duped and abandoned, despite warnings given by officials to check out their recruitment agents before accepting offers of high paying employments. At least 24 Indian nationals, some of them graduates, are presently waiting to return to India after finding to their dismay that promises of high paying jobs by agents turned out to be bogus claims. "One of the persons who was a hotel management graduate found that he had to work at a McDonalds' outlet for 12 hours.. not what he had been promised," sources revealed. The Indian High Commission here has been constantly asking potential job seekers to check out their job agents at both ends before entrusting huge sums of money to get a job here. In another instance, an Indian national who came to Malaysia in 2009 was not only cheated of her salary, but her misery allegedly drove her daughter in India to commit suicide. Ms Latha Shanmugam, 37, a widow from Thanjavur, was employed by a local family when she first came to Kuala Lumpur with a promised salary of RM 750 a month (Rs 10,000). However, the employers purposely didn't give her salary for four months, claiming that they had to pay RM 5,000 to her employment agency. The family then chased her out of the house and told her to contact the agency. She later got another job at a restaurant for the same salary but was paid only for one month.
Source : 03-01-11 Deccan Herald Compiled by Amresh Anjan
Mr Nagesh Pydah Appointed As CMD Of OBC Punjab National Bank executive director Mr Nagesh Pydah has been appointed as the CMD of Delhi-based Oriental Bank of Commerce (OBC). Mr Rakesh Sethi, general manager, Andhra Bank has joined as ED of PNB.
Source : 04-01-11 The Financial Express Compiled by Amresh Anjan
Mumbai Firms Looking For Mothers: Survey A mother working on a laptop with her child in the familiar confines of her home could be a trend for the 21century as local companies bouncing back from the economic slowdown look for affordable part-time workers. Mothers looking to rejoin the workforce have much to look forward to in Mumbai, with 44 major companies in the city responding encouragingly to a global survey on hiring them for part-time jobs. Up to 62% of Mumbai's companies said that, over the next two years, they were searching for mothers who had taken time off for a baby but now wanted to return to work. The Mumbai response was higher than those from Delhi (50%) and Bangalore (58%). It was also higher than the national average (56%) and global average (36%). Up to 86% of the Mumbai firms also said they believed in offering flexible working environment to these women as they were more family friendly.
Source : 08-01-11 topics.npr.org Compiled by Amresh Anjan
Demand For Highly-Skilled Increases Globally A report by World Economic Forum has revealed that the demand for highly-skilled workforce is growing worldwide, including in developing nations like India, where only about 25 per cent of professionals are considered employable in multinational companies. Terming human capital as the "engine of economic prosperity", the WEF has called for high-skilled people to meet the growing talent demand in various sectors including trade and communications in developing countries. "Skills for high-demand jobs in 2020 must be developed now...All over the globe -— in developed, newly industrialized, BRIC (Brazil, Russia, India and China) and developing countries — demand is soaring for these professions," according to the Global Talent Risk report. The report analyses projected talent shortages in 25 countries including India. It said that uneven quality of educational systems in developing countries is one of the reasons for workers not getting necessary training to flourish in the global economy. According to the report, there would high demand for professionals from companies in trade, transport and communication in developing nations.
Source : 07-01-11 Business Standard Compiled by Amresh Anjan
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