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| Income-Tax department to put salary slips of top India Inc executives under TDS scanner |
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| Income-Tax department has decided to scan the salary structure of top India Inc executives of large Corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them. The department, during its recent deliberations with top I-T and CBDT officials here, decided to strengthen its Tax Deducted at Source (TDS) obtained from salaries of employees, regime in order to collect more revenue under this category. The department is particularly bolstered by the fact that a big chunk of 41 per cent, in the total tax collections in the last fiscal, came from the TDS category alone. |
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| Source : 03-06-13 Financialexpress.com Compiled by Amresh Anjan |
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| Mr. Anand Mahindra signals change as key aide retires |
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| There is a whiff of change in the house of Mahindras, where steps may be afoot for senior-level management changes signalling a new era, similar to the events in the Tatas, where the exit of Mr. Ratan Tata and the induction of Mr. Cyrus Mistry led to a new executive council. Mr. Anand Mahindra, 58, took over as chairman in August last year, may be getting a fresh new team to run the automobile-led group and a key signal came on Thursday as Mahindra and Mahindra ( M&M) saw the departure of an iconic figure. After a stint spanning over four decades, chief financial officer of the Mahindra Group, Mr. Bharat Doshi, has decided to step down in November this year, advancing his retirement by 18 months. Mahindra has not announced a successor yet. Industry watchers say this could be a precursor to a younger, vibrant set of executives raising their profiles in the group. "Mahindra has grown at a breakneck speed in the last few years but it will need to keep innovating to sustain the momentum. A new CFO in charge can do just that," said an analyst who has client relations with the group. |
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| Source : 30-05-13 Hindustan Times Compiled by Amresh Anjan |
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| Indian Startups Now Tapping the 'Internship' Arena |
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| The rise in demand of young interns especially across large corporations and startup firms has led to a lot of initiatives linking employers with students to come up with new ventures. Many new ventures including LetsIntern.com, HelloIntern.com and Internshala have sprung up across the startup ecosystem and these portals contain database of around 20, 000 firms and educational institutions listing internships both in India and foreign countries. "Barring the IITs and IIMs, most colleges leave students to fend for themselves when it comes to internships, even though it is an integral part of most academic courses," says Mr. Karthikeyan Vijayakumar, founder of Twenty19.com, a portal which focuses on students especially teenagers or those in twenties looking for an internship. |
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| Source : 03-06-13 Siliconindia.com Compiled by Amresh Anjan |
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| Mr. SK Roy appointed LIC managing director |
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| Mr. SK Roy, a senior executive director of Life Insurance Corporation (LIC), has been appointed as the managing director of the organisation. Incidentally, Mr. Roy is also one of the contenders for the chairman's post at the largest financial institution in the country, which falls vacant on May 31 following superannuation of incumbent Mr. RK Mehrotra. The government has notified the order for the appointment of Mr. Roy — who is currently the zonal manager for East — on Thursday. However, it is not yet known who will be succeeding Mehrotra who held the post for last two years. A panel headed by the Department of Personnel & Training secretary Mr. PK Misra has interviewed five candidates for the post of the chairman of the LIC. |
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| Source : 31-05-13 Indian express Compiled by Amresh Anjan |
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| Mr. AK Rai resigns as IFCI chief |
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| Mr. Atul Kumar Rai, the CEO and managing director of state-owned financial institution IFCI, has resigned from the company following differences with the government. Mr. Rai, whose term was till June 2017, has tendered his resignation, sources said. Rai, an IES officer with an experience of 20 years, joined IFCI in July 2007.He was re-appointed by the board in June, 2012 for a period of five years. However, sources said the government was not happy with his performance. Mr. Rai could not be reached for his comments on the development. |
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| Source : 31-05-13 Indianexpress Compiled by Amresh Anjan |
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| Perks intact, companies innovate to cut cost |
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| The idea is to introspect and come up with long term solution instead of lowering employee morale. Despite the talk of economic slowdown, IT employees need not worry as they will continue to get their food coupons, petrol reimbursement, and free beverages in office. For, instead of cutting employee-related expenditure, companies are seeing this as an opportunity to get leaner and in shape rather than fretting over it and trying to break free through knee jerk reactions. The idea is to introspect and come up with long term solution instead of lowering employee morale. "We want to leverage the conditions to introspect and come up with long term solutions. The idea is to emerge more nimble and robust out of the slowdown for the next decade." |
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| Source : 04-06-13 Dnaindia.com Compiled by Amresh Anjan |
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| Unemployment hits record high in euro zone |
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| Unemployment in the euro zone continued its relentless march higher in April, according to official data published Friday, hitting yet another record amid a prolonged recession and the absence of a coordinated response by policy makers. The jobless rate for the 17 countries that use the common currency rose to 12.2 per cent, from 12.1 per cent a month earlier, with 19.4 million people out of work, according to Eurostat, the European Union statistics agency. Some analysts said the number of people without jobs could hit 20 million by the end of the year. Despite the rise, most analysts do not expect the European Central Bank to cut interest rates or take other action to stimulate growth when its policy-making council meets in the coming week. Separate data from Eurostat showed that inflation in the euro zone rose to 1.4 per cent from 1.2 per cent, which could prompt the central bank to wait for clearer signs that there is no risk of higher prices. |
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| Source : 01-06-13 Indian express Compiled by Amresh Anjan |
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| Liability of employee is on principal employer: Bombay High Court |
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| In a significant ruling, Bombay High Court has laid down a substantial point of law, saying the liability towards an employee engaged by a contractor or managing agent is on the principal employer. The court recently upheld the decision of 'Mumbai Commissioner for Workmen's Compensation' to award monetary relief to a worker, who died in an accident despite the fact that he was not employed by the principal employer but by a contractor. Justice AH Joshi was hearing an appeal filed by United Assurance Company Ltd, which challenged the award of compensation to a driver who was hired by M G M Motors to transport vehicles on behalf of Mahindra and Mahindra Ltd (M&M). The Judge said this being an appeal under the Employees' Compensation Act, the appellant has to substantiate the challenge on substantial questions of law. He directed the appellant's advocate Mr K V Vitonde to pin point and address the court on substantial question of law whether a principal employer would be liable to pay compensation to a worker employed by a managing agency. Admittedly, the victim was not employed by M&M, a top auto firm, which owned the vehicles. The victim was rather employed by M G M Motors to whom the work/contract for transport of vehicles was entrusted by the auto company. |
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| Source : 31-05-13 Thestatesman Compiled by Amresh Anjan |
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| Gulf dreams shattered |
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| As many as 1.50 lakh expatriates working in Gulf would be forced to return to Andhra Pradesh from July onwards following strict implementation of Nitaqat Law (Naturalisation Law) in Saudi Arabia and crack down on illegal migrants in other neighbouring countries. There is near panic among the expatriate community from India, particularly those from Andhra Pradesh, as the July 3 deadline to leave the country approaches. With the Saudi Government serious about implementing the Law and Kuwait too launching a crackdown on illegal migrants, hapless Indians are making a beeline to Indian Embassies to obtain out passes. Nitaqat is aimed at eliminating unemployment and localising jobs in Saudi Arabia. Under the Law, 10 per cent of the jobs would be reserved for Saudi nationals. The law has classified establishments into Blue, Green, Yellow and Red categories based on the citizen immigrant ratio of the company. According to Indian Migrants Rights and Welfare Forum president Mr.Kotipati Narasimha Naidu nearly 1.50 lakh expatriates would be forced to leave Saudi Arabia and other countries. Close to 18-lakh expatriates from State are working in 17 Gulf countries. An overwhelming numbers had secured "Azad' visas, which enables them to fly to Gulf and search for jobs. |
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| Source : 04-06-13 Thehindu Compiled by Amresh Anjan |
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| What the H1B visa proposals mean for Indian IT firms |
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| New US proposals regarding H1B visas are being branded as bad for Indian IT firms. But there might be a silver lining. Some of the proposals related to H1B visas in the US Senate's comprehensive immigration bill have triggered a sense of panic among Indian IT services companies. If passed, the IT companies fear they will have to spend more, sacrifice margins and perhaps even lose the competitive advantage. Nasscom, the lobbying body of software companies in India, has argued that the proposals are discriminatory and go against the idea of free markets. Its officials hint about a trade war between India and the US over this issue. The truth, as always, is more complex. |
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| Source : 30-05-13 Moneycontrol.com Compiled by Amresh Anjan |
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| Manufacturing activities dip for first time in 4 years: HSBC survey |
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| Indicating a sluggish economic growth, manufacturing sector output in May fell for the first time since March 2009, according to a HSBC Purchasing Managers' Index. The index, an indicator measuring changes in output, new orders, employment, supplier delivery times and stocks of purchases, fell from 51.0 in April to 50.1 and hit a 50-month low. According to the survey, the economic activities in manufacturing sector continued to remain sluggish last month. "Economic activity in the manufacturing sector slowed further in May as output contracted in response to softer domestic orders. In addition, power outages hampered output and led to a jump in backlogs of work as businesses struggled to meet orders," said Mr. Leif Eskesen, Chief Economist for India & ASEAN at HSBC. The rise in input costs was, nonetheless, slight and the slowest in the current 50-month inflationary period. However, growth in export business was solid and the fastest since January. |
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| Source : 04-06-13 Newindianexpress.com Compiled by Amresh Anjan |
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| TCS Finland to sack 290 employees, will shift jobs to India |
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| Tata Consultancy Services, the country's largest software company, may sack as many as 290 employees at its Finland office; a move that the workers say is an attempt to shift jobs to India. TCS, which has a registered office in Helsinki and has an employee strength of about 800 in Finland, is currently in negotiations with the employee representatives (ERs) over the move to cut jobs. The Union of Professional Engineers in Finland (UIL) claimed that the jobs at stake were about 412; a figure which TCS said was inaccurate. "If I remember... 412, I believe is the correct number," UIL Director (Collective Bargaining) Mr. Ismo Kokko said when asked about the number of jobs at stake in TCS. When contacted, a TCS spokesperson said: "The maximum number of roles affected is 290 and not the numbers you have mentioned, which are completely inaccurate."Lay-offs may be less than even 290, some sources privy to TCS management thinking said. |
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| Source : 04-06-13 Indianexpress.com Compiled by Amresh Anjan |
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| Mr. Narayana Murthy back to revive Infosys |
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| Under extreme circumstances, when India's No.2 IT services firm Infosys Ltd is losing market share to the like of TCS and HCL, with disappointing profit margins and thumps down from stock market, the company found no alternative but to recall its co-founder Mr. N.R. Narayana Murthy, 66, as executive chairman for next five years. Murthy himself finds this latest development sudden and unexpected. But accepts this responsibility as he considers Infosys as his middle child. Infosys is the company, which he co-founded some 32 years back and it's been 11 years since he handed the management of Infosys Technologies to Mr. Nandan Nilekani (CEO from 2002 to 2007), and seven years since he had an executive role. With this, he replaced Mr. KV Kamath who has been re-designated as "lead "independent. In addition, the company also appoints Mr. Murthy's son Rohan Murthy as his executive assistant. Recently, as reported by some of the leading dailies, Infosys had begun the search for the successor of current CEO Mr. S.D. Shibulal whose terms ends in March, 2015. In the last one year, the company has lost its market share to TCS and the second rank to Cognizant. According to many analysts, the latest development is to boost the morale of investors, to infuse new vigour among employees and to pass a right message to the market. |
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| Source : 04-06-13 Newstrackindia.com Compiled by Amresh Anjan |
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| Safety@Workplace: Hotels, cabbies offer special services for women |
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| The Delhi gang rape case in December 2012 came as a shock to millions of women, who have to travel out of their homes-be it to their workplaces or travel outside their hometowns. It brought them face to face with the hidden dangers that women face across India. For women with careers, it was a wake-up call of sorts. Ms. Mridula Khanna, a mid-level corporate executive who lives in Gurgaon works at a multinational firm, has to travel out for at least 10 days in a month — and the recent instances of violence against women in the National Capital Region has shaken her. She is even looking at an option to switch jobs and settle with an offer that would trim down her travel. As fear and caution sweet working women across India with travelling jobs, the nation's hospitality industry and associated businesses like taxi services have woken up to the security needs of women, with special measures to make their guests and customers feel safer. The concern is based on sound market logic. Career women at all levels have started travelling more frequently on work in the last three to four years and the trend is expected to accelerate further over the next 10 years. |
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| Source : 30-05-13 Hindustan Times Compiled by Amresh Anjan |
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| Wipro introduces new incentive structure for staff |
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| India's third largest software exporter Wipro Ltd plans to give high single-digit pay hikes on average across the company and has put in place a new incentive structure that will reward junior programmers based on billable hours and senior managers based on client satisfaction. Junior-level programmers form more than 70% of the workforce. Employees and teams filing patents for software that are eventually granted could get incentives worth $500-2,000. Managers will be judged on three parameters—top-line growth, bottom-line growth and employee satisfaction—but customer satisfaction will be the main one used to decide on bonuses and incentives. "Our principle behind this is if our customers are successful, then we are successful," said Mr. Saurabh Govil, senior vice-president of Wipro's human resources division. "So everybody's account is their universe, the account becomes the nucleus. If the account is doing well, then people will get rewarded accordingly… If we don't reach a minimum threshold of customer satisfaction, nobody gets paid." The new compensation structure will reward engineers based on the performance of a particular client account, and not that of a particular business vertical. |
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| Source : 03-06-13 Livemint Compiled by Amresh Anjan |
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