After Two Years Of Pay Cuts, LN Mittal Gets Raise In 2010 Lakshmi Mittal, the Chairman and CEO of the world's largest steel-maker Arcelor Mittal, earned a 11 per cent hike in his base salary in 2010, after suffering pay cuts in the previous two consecutive years. Mr. Mittal earned a base salary of USD 1.65 million in 2010, compared to USD 1.49 million in the previous year, according to Arcelor Mittal's annual report. In the previous two years, the company had given a pay cut to its entire board, including Mr. Mittal, as the firm lost money amid slumping steel sales. In addition, Mr. Mittal's daughter, Vanisha Mittal Bhatia, received a base salary of USD 172,000 in 2010, up from USD 164,000 in the previous year. Mr. Mittal's other peers on the board - Narayanan Vaghul, Wilbur L Ross, Lewis B Kaden, Francois Pinault, Antoine Spillmann and HRH Prince Guillaume - also witnessed a hike in their base salaries in 2010.
Source : 27-03-11 Yahoo.com Compiled by Amresh Anjan
HCL Chief Sees India At The Crossroad Vineet Nayar, chief executive of software exporter HCL Technologies, dismisses complaints about corruption in India as a distraction, arguing that the real question the country needs to ask is whether it is becoming more or less globally competitive. In a world where consumption patterns in the U.S. and Europe are at an all time low, even as they continue to hit new peaks in emerging markets, and where power bases are shifting from the West to emerging markets like China, Brazil and India, "country competitiveness is very important because you can either be used like China is using India for consumption [of Chinese exports]," says Mr. Nayar. For any country to be in the running, its people need to be skilled, with high school courses and vocational training that match the demands of the real world. He noted that India's substandard education system is graduating 450,000 engineers annually, a majority of whom are not employable.The government also needs to offer incentives to attract investment to create new industries — in both services and manufacturing, Mr. Nayar says. He refers to his own industry, which was helped by the government 10 years ago and today is a $50 billion industry. That, he says, was the last real effort along those lines.
Source : 30-03-11 Wall Street Journal Compiled by Amresh Anjan
BSNL Appoints A K Garg As Human Resource Director State-run telecom company Bharat Sanchar Nigam Limited (BSNL) today announced appointment of Mr. A K Garg on the post of Director (Human Resource).The post was lying vacant after retirement of Mr. Gopal Das on February 28. Mr. Das retired as chairman and managing director of the organization and was simultaneously holding the charge of Director (HR) as well. Prior to joining as Director (H R), Mr. Garg served as the Chief General Manager at Kolkata Telephone. He joined the Department of Telecom Group services in 1977.
Source : 01-04-11 MSN.com Compiled by Amresh Anjan
Bihar MLA's Salaries, Allowances Hiked The Bihar government has hiked the salary of legislators by three times with effect from April 1, 2011.The decision was taken at a cabinet meeting presided by Chief Minister Nitish Kumar. As per the revised pay structure, the members of the two houses of the state legislature will now draw a salary of Rs 25,000 per month as against Rs 8,000 per month they drew last year .The legislators would also receive constituency allowance of Rs 25,000 per month, up from Rs 12,000, besides stationary allowance of Rs 8,000 per month, increased from Rs 2,000 per month. Each MLA will get an additional allowance of Rs 15,000 per month, up from Rs 10,000 per month, for payment to their assistants, he said
Source : 31-03-11 Indian Express Compiled by Amresh Anjan
Microsoft Poaches Oracle Honcho In a high profile poaching of top executives in the Indian IT industry, software giant Microsoft has snared Oracle India's Managing Director Bhaskar Pramanik. Mr. Pramanik has been named as the chairman of Microsoft India. Prior to the current role, Pramanik served as Managing Director for Oracle India and Sun Microsystems.
Source : 29-03-11 Hindustan Times Compiled by Amresh Anjan
Religare Arm Sacks Five Staff In a fresh instance of employees breaking rules in financial company, Religare Housing Development Finance Corporation — part of Religare Finvest Limited—sacked five employees following irregularities in the disbursement of loans. "The management committee and audit committee of Religare Finvest Limited — our NBFC (non-banking financial company) arm has decided to terminate five people with immediate effect owing to certain procedural lapses on their part," said the company representative. The company said that three of those sacked were frontline sales staff while the others were managerial supervisors.
Source : 29-03-11 Hindustan Times Compiled by Amresh Anjan
Sundaram Rajgopal Is The Fourth Executive To Quit DB Realty DB Realty, the Mumbai-based realty firm whose co-promoter Shahid Balwa is behind bars for his alleged involvement in the 2G spectrum scam, has informed BSE that Sundaram Rajgopal, a director with the company, has resigned. Mr. Rajgopal, who also heads India operations of private equity firm Starwood Capital, had resigned from the board on March 21. Industry insiders point out that Starwood Capital had plans to invest in DB Realty's Bandra project. However, now it appears that the deal is not happening. This seems to be the main reason for Mr. Rajgopal's exit. Rajgopal is the fourth executive to resign DB Realty following the investigations by the CBI in the scam. DB Realty's stock on Monday plummeted by 14% to close at a 52-week low of Rs 83.4.
Source : 29-03-11 Hindustan Times Compiled by Amresh Anjan
Air India May Freeze Salary Hikes Of Employees Cash-strapped Air India Ltd is considering a freeze on salary hikes and additional allowances to employees until the process of its merger with Indian Airlines is completed. Mr. Arvind Jadhav, chairman and managing director of Air India, the company formed by the merger of the two state-owned carriers, asked workers in a letter to cooperate in the "gigantic task of turning around Air India". The national flag carrier has accumulated a loss of at least Rs. 13,300 crore since the merger began in 2007. It is implementing a financial turnaround plan prepared by Deloitte Consulting India Pvt. Ltd.
Source : 29-03-11 Livemint Compiled by Amresh Anjan
US Businesses Add 201,000 Jobs In March US businesses continued to take on new workers in March, boosting the longer-term hiring trend and pointing to a firming recovery in the labour market. The private sector added 201,000 jobs in March, according to ADP's National Employment Report. The increase was in line with economists' expectations and slightly less than February's revised gain of 208,000 jobs.ADP said the report "removes any remaining doubts about private non-farm payroll employment accelerated heading into 2011", noting that the average monthly increase over the past four months was 211,000, more than triple the average monthly gain of 74,000 jobs from August until November last year.
Source : 30-03-11 Moneycontrol.com Compiled by Amresh Anjan
Organized Sector To Create 1.6 mn New Jobs The organized sector in India is set to create about 1.6 million new jobs in 2011, reveals the Ma Foi Randstad Employment Trends Survey (METS), a study on the Indian employment trends and opportunities. The survey indicates that in nearly 650 companies across 13 industry sectors in eight major cities most employers are optimistic about their hiring plans for the current year. In early 2010, METS predicated that creation of one million jobs for the year and nearly 1.13 million jobs were created during the year, with healthcare (2.5 lakh), hospitality (1.60 lakh) and real estate (1.29 lakh) sectors leading the pack. The three metros — Mumbai, Delhi & NCR and Chennai — took the top three places generating a total of 2.55 lakh jobs.
Source : 31-03-11 The Hindu Compiled by Amresh Anjan
Takeover Warning For Firms Resisting New EPF Rate Even as the companies are declining to pay the 9.5% interest rate on EPF, the employee provident fund organisation (EPFO), which scrutinizes revenues of 239 organizations, is cautioning the corporates with a takeover clause under the EPF Act. A day before the central board of trustees meets, the EPFO analysis shows that most of the trusts 'have a surplus and could pay the higher rate. According to the Employees Federation of India, 40 of the 42 had submitted that they would suffer losses if they were made to pay higher EPF rates. But EPFO analysis of the same differs."Our review from field offices reveals most of the companies are in a position to pay. We were able to analyse 12 of the 42 companies EFI named and found at least five can pay the 9.5% interest on accounts," a senior EPFO official commented
Source : 30-03-11 Hindustan Times Compiled by Amresh Anjan
Indian Companies Created 2500 Jobs In The US: CII Indian companies operating in the US have created over 2,500 jobs in America since 2005 on account of buyouts of the US firms, says a study. According to a CII study, nearly two-third of Indian firms, which have operations in the US, have generated 2,585 jobs in America in the last six years due to their acquisition of US firms. Since 2005, Indian firms have acquired various American companies with a total deal size of about USD six billion. The survey was based on 35 CII–India Business Forum member companies, representing sectors such as Pharma, Telecom, Healthcare and Energy among others. In all, these Indian companies employ more than 60,000 people across 40 states of the US and an overwhelming majority of employees in these firms are American citizens.
Source : 30-03-11 Financial Chronicle Compiled by Amresh Anjan
Himanshu Kapania Replaces Sanjeev Aga As Idea Cellular MD In a change of guard at Aditya Birla group flagship firm Idea Cellular, Himanshu Kapania has taken over as Managing Director replacing Sanjeev Aga. Mr. Kapania was the Chief Operating Officer of Idea Cellular, which is facing a tough time in completion of its merger with Spice Telecom despite acquiring it nearly two years ago. Mr. Aga, who is credited with launching Idea Cellular, will continue as a director on the board of the company. He was appointed as the Managing Director of Idea Cellular for a period of five years effective from November 1, 2006. According to the company's 2009-10 annual report, Mr. Aga received Rs 6 crore in remuneration (inclusive of salary, benefits, bonuses and pension). Mr. Aga was paid a sum of Rs 1.84 crore as a performance incentive in that year. He is on the board of 6 other companies and the Vice Chairman of the Cellular Operators Association of India (COAI).
Source : 05-04-11 Business Standard Compiled by Amresh Anjan
IT Sector To See Tapered Salary Hikes In 2011 Companies across sectors including IT may be bullish about hiring plans but there is not much of good news for job seekers and employees on the wage front. Margin pressures, changing business dynamics and currency issues will taper salary increases in 2011, say industry experts. "Though the organised sector is optimistic about hiring, the same is not the case about wage bills," said Mr. E Balaji, managing director and chief executive officer of Ma Foi Randstad. According to the report, organised sector in India is set to create about 16,00,000 jobs this year. The top three recruiters — healthcare, hospitality and manufacturing alone are estimated to create about 7,00,000 jobs. IT and IT enabled services are expected to generate 1,83,000 new jobs over a base of 19,00,000.
Source : 03-03-11 Financial Chronicle Compiled by Amresh Anjan
Delhi Budget : 14000 Jobs In Government Schools In keeping with the children-friendly Budget, Chief Minister Sheila Dikshit announced 14,000 vacancies for the teaching staff in government schools — the largest job opening in government sector in a long time. The move is aimed at complementing Delhi government's efforts towards increasing infrastructure for implementation of the Right to Education Act. The posts of principals, post-graduate teachers, trained graduate teachers, lab assistants, assistant teachers, computer science teachers and administrative staff will be up for grabs. The government also announced 30 new school buildings — it will spend Rs 270 crores on construction of schools. Rs 40 crore has been sanctioned for new computer labs in government schools.
Source : 23-03-11 Indian Express Compiled by Amresh Anjan
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