ANNUAL WAGES
Increasing annual leave to five weeks would cost employers less than you might think
The idea of expanding annual leave to five weeks appears to be gaining traction, spurred by recent advocacy from groups like the Shop Distributive and Allied Employees Association. While certain industries already offer extended leave, such as for continuous shift workers, most employees typically receive four weeks. Australia's annual leave entitlement has remained unchanged since 1974, prompting calls for review amid international comparisons where some countries offer more statutory days.
CII pitches for marginal tax relief for individuals, higher wages under MNREGA in Budget
CII also suggested that the government may use a part of the Rs 2.11 lakh crore RBI dividend to boost capital spending by 25 per cent in FY25. This will help to maintain the upward trajectory of public capex and crowd-in-private capex by reinvigorating economic activities and creating demand.
India bond yields seen rising tracking US peers
Indian government bond yields are expected to rise due to a spike in U.S. Treasury yields after strong economic data. The benchmark 10-year yield in India is likely to move in a 7.01%-7.06% range on Monday.
Charting the Global Economy: ECB cuts rates, US payrolls surge
The collapse of Modi’s support in Uttar Pradesh, India’s most-populous state and a one-time party stronghold, amounted to a collective rebellion from millions of people left behind in one of the world’s fastest-growing economies.
Canada's May job gains exceed forecasts; wage growth accelerates
The unemployment rate ticked up to a 28-month high of 6.2% from 6.1% in April, matching forecasts. The jobless rate, on an uptrend over the past year, has risen 1.1 percentage points since April 2023, Statscan data showed. Economists had said that with no slowdown in population growth seen in the short-term, any job additions below 45,000 people would push the unemployment rate higher.
Dollar finds footing as traders turn to US services data
The dollar steadied as traders awaited an interest rate decision in Canada and U.S. services data. The yen received a boost after reports of potential bond buying cuts by the Bank of Japan, leading to a rise in the Swiss franc. Japanese real wages fell for the 25th straight month due to inflation outpacing pay rises.
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How much will Kylian Mbappe earn with transfer to Real Madrid? Know his net worth
The star footballer has signed a 5-year contract with the Spanish club and is expected to still earn less than what he was making in his previous club.
CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
Top paid female CEOs in 2023 include Lisa Su, Mary Barra, Jane Fraser, Kathy Warden, and Carol Tome. Lisa Su of Advanced Micro Devices led with USD30.3 million. Female CEO median pay rose 21% to USD17.6 million, outperforming male counterparts.
IBA chief explains what bank frauds really are, stresses on critical 'golden hour'
As per the RBI's recent annual report, fraud cases surged to 36,075 in FY24, marking a significant rise from 13,564 reported in the previous fiscal year. The report highlighted that a majority of these frauds, in terms of volume, were related to digital payments, including card and internet transactions.
Workday shares sink over 13% as slower hiring hits payroll services demand
Workday shares dropped on Friday due to a lowered annual subscription revenue forecast amidst economic uncertainty and slower hiring impacting demand for payroll services.
India needs lower tax on recruitment services to boost jobs, says industry body
India's Indian Staffing Federation (ISF) has called for a reduction in the 18% tax on recruitment agencies providing outsourced staff to big companies. The ISF, which provided 1.6 million outsourced workers to companies last year, believes the new government should support hiring more salaried workers. The ISF claims that the 18% goods and services tax discourages employers from hiring contract workers through recruitment agencies.
When should EPS pensioner submit annual digital life certificate; how to submit using face authentication
Submission of life certificate: The person must be an Employees’ Provident Fund Organisation (EPFO) member. EPS members can submit a life certificate at Pension Disbursing Bank, online, Common Service Centre, IPPB, Indian Post Office, Postman, Umang app, Nearest EPFO office.
FM Nirmala Sitaraman flags 'gigantic schemes of fiscal splurge' pledged by Congress
The Congress has promised to launch a Mahalakshmi Scheme to provide Rs 1 lakh per year to every poor Indian family as unconditional cash transfer, and write off student loans, if voted to power. It also wants to guarantee a national minimum wage of ₹400 per day, among a host of other populist pledges.
Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
Here's how much money Cognizant CEO Ravi Kumar S got in 2023
Cognizant CEO Ravi Kumar S's $22.5 million compensation for 2023 has sparked debate amid the company's 0.3% revenue decline to $19.4 billion. His package includes one-time awards like performance stock units and a cash sign-on bonus. The CEO pay ratio compared to employees in India is 1647:1. Previous CEO Brian Humphries received $4.2 million in 2023. CFO Jatin Dalal's target direct compensation was $5.2 million. The disparity in compensation, coupled with financial performance, has raised stakeholder concerns.
UK unemployment rises as wage growth eases
The UK unemployment rate rose to 4.2 percent in the three months to the end of February, up from 3.9 percent in the three months to January, the Office for National Statistics (ONS) said in a statement.
17% wage hike bump unlikely to deter LIC stock, analysts see room for returns
LIC shares have risen 6% to Rs 972, surpassing IPO price. The 17% wage hike may cost shareholders Rs 4,000 crore yearly. Long-term prospects though are promising for the Indian insurance industry. The current levels may present an opportunity for long-term investors with diversified portfolios that prioritise the insurance sector's potential and the fundamentals of LIC.
Andhra Assembly Polls: Congress unveils '9 guarantees', promises Rs 1 lakh annually to underprivileged
Launching the party's manifesto for the upcoming polls on Saturday, APCC chief Y S Sharmila said if the Congress comes to power at the Centre, it would ensure special category status to Andhra Pradesh for 10 years as its first guarantee.
Govt revises MNREGS wages for FY25, Jairam Ramesh says Congress will give higher
The Congress criticized the Modi government for notifying revised MGNREGS wages for 2024-25, alleging that the daily rates fall short of the promised Rs 400 under their 'Shramik NYAY' initiative. Congress General Secretary Jairam Ramesh expressed concerns, questioning whether this violates election conduct standards and reiterated the party's commitment to ensuring fair wages.
After Yuva Nyay, Congress announces 'Nari Nyay': Rs 1 lakh annual grant and double wage for Asha workers
Congress has unveiled 'Nari Nyay', promising significant benefits for women. Under the scheme, impoverished women would receive Rs 1 lakh annually, and half of all central government recruitments would be reserved for women. Additionally, the party pledged to double monthly wages for women in certain programs and increase the number of hostels for working women.
Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift
Toyota, Panasonic, Nippon Steel and Nissan were among some of Japan Inc's biggest names that agreed to fully meet union demands for pay hikes at annual wage negotiations that wrap on Wednesday.
Five-day work week, big hike: Bonanza for bankers awaits government nod
This decision will lead to an additional yearly expenditure of approximately Rs 8,284 crore for these banks, benefiting around 8 lakh bank employees. The wage hike is set to take effect from November 2022.
Indian Banks' Association agree on 17% wage hike, saturdays off for employees
Indian Banks' Association and bank employee unions agreed on a 17% annual wage hike, costing public sector banks an additional Rs 8,284 crore yearly. The hike, effective from Nov 2022, benefits 8 lakh employees. Saturdays will now be holidays, pending govt notification. The new working hours will also be effective after govt notification. The wage settlement includes allowing women employees one sick leave per month without a medical certificate and encashing accumulated privilege leave up to 255 days upon retirement.
New Zealand is raising minimum wage requirements for foreign workers from February 28
Starting February 28th, Immigration New Zealand (INZ) is raising wage thresholds for most work visas to reflect the latest median wage increase, indicating growing demand for skilled individuals. The Accredited Employer Work Visa (AEWV) remains at its current wage threshold.
Rural-urban wage gap narrows in manufacturing; greater mobility, MNREGA factors
Greater mobility, higher payouts under NREGS, and lower urban wage elasticity are bringing parity between urban and rural manufacturing units. The gap between rural and urban wage growth has widened post-pandemic. The relative stickiness of urban wages with regard to profits may be a factor in the narrowing of the gap.
Unfazed by recession, BOJ keeps April policy shift on table
Japan shocked analysts on Thursday when data showed gross domestic product unexpectedly contracting for two straight quarters, the technical definition of a recession, and losing its place as the world's third-largest economy to Germany.
Japan's December real wages, household spending fall again
Japan's wage trend, along with inflation, is closely watched, with the Bank of Japan regarding both indicators among the key data to consider in preparation for phasing out its massive stimulus policy.
SBI says wage hike provisions to reach Rs 26,000 crore by March
State Bank of India (SBI) has reported a sharp 35% decline in its net profit for the December quarter due to increased salaries and pensions. The bank expects the burden to rise to around Rs 26,000 crore by March. The fall in profit is attributed to a provision of Rs 7,100 crore made towards salaries and pensions, following a wage hike settlement reached in November 2022.
IBA, bank employee unions agree to 17% salary hike, latest on 5-day week proposal: 10 points
IBA-bank employee union wage revision agreement: The djustment is set to take effect from November 1, 2022, and will span a period of five years. According to the agreement, the wage revision will result in a total expenditure of Rs 12,449 crore for all public sector banks, including the State Bank of India (SBI).
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