Survey: India Is The Lowest IT Paymaster
Though considered the IT talent hub, ironically, India has been identified as one of the lowest paymasters for information technology (IT) managers, according to Mercer’s 'IT pay around the world survey 2007'. The average salary of Indian IT managers is $25,000 a year. This positions it fourth from the bottom. The lowest pay is received by IT managers in Vietnam, Bulgaria and the Philippines at $15,470, $22,240 and $22,280 a year, respectively. The low wage structure is the main attraction to outsource work to Indian IT companies. Switzerland emerged as the best paymaster for IT managers with an average salary of $140,960 annually.
Source: 18-10-07 Business Standard
TCS To Add 9,000 More In Third Quarter
Tata Consultancy Services will hire 9,000 employees by October-December quarter. According to Mr Padmanabhan, Executive Director Human Resources, the company plans to hire 35,000 employees in the financial year ending March 31, 2008. Currently, the company’s Mumbai unit is the largest, employing around 9000 people. Soon, Chennai will better the Mumbai operations as the new facility comes up.
Source: 17-10-07 www.topnews.in
Govt Staff To Get Fatter Pay Packages
Diwali may brighten up further for 4.5 million central government employees as the Sixth Pay Commission is expected to give a significant boost to their basic salaries. The recommendations are likely to be submitted in January and the award is likely to come into effect from January 2006. If the appraisal comes into force, a central government secretary may get up to around Rs 75,000. This does not include other allowances and perks. Earlier, the Fifth Pay Commission had raised salaries by around 30 per cent from January 1996.
Source: 17-10-07 www.rediff.com
Recruitment Process Becoming Tougher In India
According to experts, the booming economy and surging job opportunities in India has thrown its own share of challenges. It is becoming increasingly difficult for companies to hire and retain the talent pool. Today, recruitment is $1.25 billion industry, with a growth rate of more than 250 per cent. But experts opine that to maintain the momentum, continuous restructuring and innovation is essential. In India, recruitment means talent acquisition. Sourcing the right talent pool, in a cost effective way at the correct time is a major challenge for recruiters. Thus, companies need to re-strategise their hiring methods to succeed. Facilities like gymnasium, eating outlets and office transport are a must today. Companies that would be able to offer the best to their employees would be able to succeed in the long run.
Source: 13-10-07 www.rediff.com
Govt To Study Hardware Workforce Preparedness
Centre is likely to undertake a comprehensive study to assess the manpower skill-set demand and supply in the electronics hardware manufacturing space. Government may collaborate with hardware association MAIT (Manufacturers Association for Information Technology) for this purpose. National Manufacturing Competitiveness Council (NMCC) has identified electronics hardware as a thrust area. The sector is expected to generate a direct employment of 7 million and indirect employment of 14 million professionals by 2015.
Source: 15-10-07 www.thehindubusinessline.com
IIT Kharagpur To Develop Rural Talent
The Indian rural youth can look forward to become tech-savvy courtesy Indian Institute of Technology, Kharagpur, (IIT-KGP). The premier institute has launched four courses for rural development this year. The courses are aimed to develop skill among the rural youth and create self-employment opportunities. These courses will train rural youths in operating and maintaining electrical and mechanical gadgets, like pumps and engines. Apart from this, students will learn to operate and maintain machines used for harvesting like tractors, oil crushers, de-husking machines, ploughing and processing tools, grinder, oil expeller-starch extractor, seed drill-sprayer, duster, thresher and power tiller. These courses will commence from November this year and train 200 rural youths.
Source: 17-10-07 Business Standard
I-T Workers To 6th Pay Comm: Raise Wages With Rising Tax Collection
The Income Tax officials are now seeking salaries at par with corporate sector from the Sixth Pay Commission. The demand comes in the backdrop of an unprecedented growth of around 40 per cent in direct tax collections. In a presentation to the pay commission, the employees asserted that it was important to have the pay scales and perquisites at par with private sector to retain the talent in public sector. Income Tax Employees Federation, New Delhi and IT Appellate Tribunal Bar Association, Mumbai besides other associations have sent separate representations to the pay commission. The employees have pointed towards high salaries of tax officials at international level and urged that better wages may help remove the perceived feeling of discrimination among the Indian I-T workforce.
Source: 14-10-07 www.dnaindia.com
Dissatisfaction Over Pay Sets In Prasar Bharati Admin Staff
The administrative staff of All India Radio and Doordarshan across the country are giving voice to their dissatisfaction over disparity in the pay scales. They have even threatened to launch a nationwide agitation. The administrative employees are being paid less than the engineering and programme employees on the ground that they have been completely absorbed with the broadcaster. There are more than 7,000 workers in the admin staffof Prasar Bharti across the country.
Source: 16-10-07 www.dnaindia.com
Retirement Fund By ICICI Prudential Mutual
ICICI Prudential Asset Management Co Ltd plans to launch an asset allocation fund targeted at investors planning to retire between 2015 and 2030. The Fund Series would offer four plans. As per the scheme, each plan would initially invest in equities and shift money gradually to debt and money market instruments as they approach the target retirement year. The fund would invest at least 10 per cent of the assets in equities and the rest in debt and money market instruments.
Source: 16-10-07 Reuters
Mr Vineet Nayar Assumes CEO Role At HCL Tech
The President of HCL Technologies Ltd, Mr Vineet Nayar, has assumed charge as the CEO with effect from October 16, 2007. His place will be filled by Mr Shiv Nadar, who will be the Chairman and Chief Strategy Officer of the company.
Source: 16-10-07 www.sify.com
Sify Appoints Mr Vijay Kumar As CFO
Sify Technologies Ltd., the Internet service provider, has hired Mr Vijay Kumar to serve as Chief Financial Officer. Mr Kumar has previously worked as the Assistant General Manager of investment banking for Sundaram Finance Services Ltd., Chennai. He has also headed an independent audit and consultancy business.
Source: 18-10-07 www.cnnmoney.com
ONGC Moots Better Remuneration To Retain Talent
In an attempt to arrest attrition, ONGC is trying to convince government about the need to provide attractive pay packages to employees. According to Dr. A.K Balyan, the Director (HR), it is high time PSUs match the wages paid by the private companies. Otherwise, their best talent will leave them for greener pastures shown by the private oil companies. ONGC would recruit 1,500 employees this year and is formulating attractive policies to retain the trained employees. The Oil major is also open to welcome back the employees who them earlier.
Source: 15-10-07 www.sify.com
Reliance Claims Better Rehab Package Than Govt
If Mukesh Ambani-promoted Mumbai Special Economic Zone Company is to be believed, the rehabilitation package drafted by them is better than the one cleared by the government. The company asserts that the package offers many attractive monetary benefits and career opportunities. Company’s MSEZ package has a provision to return 12.5 per cent of developed land to the Project Affected Persons (PAPs) as compared to the union government's policy of returning 10 per cent. The company also claims that its MSEZ package is the best among all the rehabilitation packages in the country.
Source: 13-10-07 www.rediff.com
Bajaj Asks IIT Students To Stay Put
Industrialist Rahul Bajaj has appealed to students from premium institutions not to leave the country and be a part of the action here. He urged that those students who leave the country after enjoying quality subsidised higher education here should be charged at the market rates. He reaffirmed the view that in the coming times, most of the economic activity will be based in the east.
Source: 13-10-07 www.rediff.com
Lower Wage Hikes At TCS Next Year
Next year, the employees at Tata Consultancy Services Ltd, or TCS, would see lower salary hikes as compared to this year. This year, the average salary hike ranged between 12% and 15% for employees in India. TCS, India’s largest private sector employer, employs more than 100,000 workers. The decision to slow down wage increases will affect the remuneration of fresh recruits from university campuses also. TCS is hirng science graduates also in addition to the engineering graduates. The company trains science graduates at its training centre in Chennai. TCS has already made job offers to 22,000 students at 265 colleges and universities in India.
Source: 17-10-07 www.livemint.com
VRS For Waluj Workers At Bajaj Auto
Bajaj Auto Ltd has offered a Voluntary Retirement Scheme(VRS) to its 4,000-odd workers at its Waluj plant near Aurangabad. The offer comes two months after they were given a wage revision. Those workers who have been working here for at least 10 years and are over 40 years of age can avail this scheme. Under the scheme, those eligible can get three months of salary per year of employment, or wages for the remaining period of service, subject to a ceiling of Rs 5 lakh. 100 per cent of the basic and Dearness Allowance for 10 years or till they retire has been offered to those between 40 and 50 years of age. Those above 50 will be given 75 per cent of the basic and DA with the same conditions.
Source: 17-10-07 Business Line
Novartis To Cut 1,260 jobs
Amid tougher regulatory scrutiny and stepped-up competition, New Jersey's major pharmaceutical company Novartis plans to shed 1,260 jobs. The firm will also shake up its leadership of the pharmaceutical division. Novartis will cut 240 jobs at its U.S. headquarters in East Hanover. Most of the job cuts will be seen in the sales department. This will include the termination of 510 contract salespeople.
Source: 19-10-07 www.nj.com
UK Unemployment Rate Unchanged For 3 Months
The unemployment rate in Britain has held steady at 5.4 pct in the three months to August. The number of jobless people fell by 1,000 between July and September to 1.43mn. The number of people claiming unemployment benefit fell for the twelfth successive month.
Source: 17-10-07 Business Line
Merrill Lynch Hires Mr Yang
Merrill Lynch & Co has hired Mr Wayne Yang as head of its private investment business group in Asia Pacific region. Formerly, Mr Yang has worked with Citigroup Inc’s private bank.
Source: 17-10-07 DNA
BBC May Shed Up To 2,800 Jobs
The British broadcaster BBC plans to cut 2, 800 jobs. In the process, hundreds of BBC workers could be asked to reapply for their present jobs. Reportedly, the staff will be required to complete CVs and 200-word covering letters. The corporation is £2bn over budget due to overestimating its licence fee settlement. As a result, it wants to lay off the jobs. Even the journalists will have to reapply for their jobs to ensure open and fair procedure.
Source: 16-10-07 www.personneltoday.com
AOL To Cut 2,000 Jobs
Internet firm AOL plans to lay off 2,000 jobs worldwide. The company is refocusing its business on online advertising. About 1,200 jobs are going at its US operations, while a further 800 foreign posts will disappear. The overhaul comes in wake of the shift in revenues from internet subscriptions to advertising. The company says the changes would allow it to focus on investment in key areas. The latest job cuts come on the heels of 5,000 positions dumped in marketing and customer services last year.
Source: 16-10-07 news.bbc.co.uk
Mr Naresh Nayyar Hired As CEO Of Essar Energy
Essar Energy Holdings Ltd has appointed Mr Naresh Nayyar as the Chief Executive Officer (CEO) of Essar Energy Holdings Ltd (EEHL) and Managing Director of Essar Oil Ltd (EOL). He will be responsible for all operations and projects of the hydrocarbon business, both in India and internationally.
Source: 16-10-07 www.thehindubusinessline.com
Mr Mehraboon Irani Joins Centrum
Centrum Broking Pvt Ltd has announced the appointment of Mr Mehraboon Irani as the Senior Vice-President, portfolio management services. Earlier, Mr Irani has worked with Darashaw & Co as Vice-President, equities. He brings with him vast understanding of the marketing trends and capabilities of financial analysis.
Source: 17-10-07 DNA
V&S Announces Mr Bhasin’s Appointment
Mr Sanjay Bhasin has joined V&S Broadcasting, a subsidiary of UTV Broadcasting, in capacity of Vice-President, ad sales. Earlier, he was working with The Walt Disney Company as Associate Director, ad sales. Mr Bhasin will look after the ad sales of V&S Broadcasting’s forthcoming set of three channels in the coming months. Mr Bhasin has work experience of 17 years in marketing and sales. He has also worked with the Times Group, New Delhi, Buena Vista Television and MTV Networks.
Source: 17-10-07 DNA
Compiled by : Amresh Anjan
