COAL INDIA EMPLOYEE SALARY
Flood of IPOs brings sackful of bonuses to I-Bankers’ accounts
Indian investment bankers receive generous bonuses despite a soft M&A market. Top performers at local I-banks like Kotak and Axis Capital see bonuses increase by 150-200%. Average bonuses rise by 10-25% as companies focus on talent retention. IPO activity drives record equity indices and compensation levels for MDs range from ₹3-9 crore.
Central govt employees: General Provident Fund (GPF), other provident funds' interest rates announced for July-September 2024
Central govt employees' salary: The Ministry of Finance has announced the interest rates of the General Provident Fund (GPF), Contributory Provident Fund (CPF) and other similar provident fund schemes for the July-September quarter of 2024. Will investors get interest on GPF if the contribution exceeds Rs 5 lakh? GPF latest interest rates and all other latest rules explained.
Automakers take lead in FY24 salary hikes with double-digit raises
Most organisations that follow the April to March fiscal cycle hand out salary increments during April to July. About 84% of the companies surveyed by Deloitte have already doled out this year’s increment.
Salary structure in more than 40% of Indian companies is tax inefficient: Study
The study, based on an email survey sent to more than 16,000 executives working across the departments of human resources, finance and administration, elicited responses from 97 companies across sectors.
EPFO discontinues GIS deductions, to refund past deductions: These government employees to get higher salary
EPFO: Specified employees stand to gain due to EPFO's decision of discontinuing GIS deductions and refunding all deductions made thus far. According to Akhil Chandna, Partner, Grant Thornton Bharat, "The discontinuation of deductions under GIS will indeed increase the take-home salaries. Previously, the deductions were made from employees' monthly salaries as per their pay-scales to fund the GIS."
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
While the layoffs have happened across several verticals ranging from wholesale to retail, the branch banking segment saw a large impact, one person cited above said. The people sacked have been given severance pay amounting to three months’ salary. “Yes Bank has launched an internal restructuring exercise at the advice of a multinational consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks,” a person aware of the development said.
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Gautam Adani's salary in FY24 was lower than most industry peers, even his own top execs
Going by FY24 data, Gautam Adani's salary is less than the heads of almost all big family-owned business groups in India. His pay is way below those of Sunil Bharti Mittal (Rs 16.7 crore in 2022-23), Rajiv Bajaj (Rs 53.7 crore), Pawan Munjal (Rs 80 crore), L&T Chairman S N Subrahmanyan and Infosys CEO Salil S Parekh.
8th Pay Commission: 'New proposal to set up 8th Pay Commission immediately to increase basic, DA of central govt employees'; what is the due date of 8th CPC?
8th Pay Commission Latest Update: The National Council (staff side, Joint Consultive Machinery for central government employees) urge formation of 8th Pay Commission citing rising inflation and increased revenue of the Centre. In a letter to the Cabinet Secretariat, Shiv Gopal Mishra, Secretary, National Council (staff side, JCM) claimed a gap exists between Dearness Allowance (DA) and actual price rise. He pointed to a doubling of government revenue since 2015 and decreased workforce as reasons to justify higher pay, allowances, and pensions of the central government employees.
Beyond the paycheck: What employees look for and how employers can fix hiring gaps
The changing work culture is causing a gap between employer and employee expectations in hiring and retention. Companies struggle with mismatched salary expectations, required skills, and cultural fit issues. Nonprofits and FMCG companies face the most challenges. Many employees in India and Asia Pacific prioritize flexibility and career progression. Ageism is evident, especially in sectors like Insurance.
Flexibility, salary key jobseeker parameters for new roles in India: Report
Indian workers are demanding higher salaries to cope with rising living costs and to feel valued. Flexibility is another key concern, as per Michael Page India's Talent Trends 2024 report. Employers need to focus on broader aspects like workplace culture, diversity, equity, and inclusion to attract and retain talent. The report highlighted workplace discrimination in India and emphasised the need to address various generational priorities and challenges in different sectors.
Not just employers with benefits! India Inc looks to be more to woo talent
Corporate India is offering new-age benefits, realizing that attracting and retaining talent requires more than just high salaries. Cos offer new-age perks like cash for self-development, health insurance for siblings and pet care to woo talent
Moonlighting and ITR filing: Why moonlighters should file income tax return, form to use, other details
Moonlighting, driven by side hustles and remote work opportunities post Covid-19, requires moonlighters to carefully choose the right ITR form, consider the presumptive tax regime, and submit Form 10-IEA online for tax benefits under the old regime.
Wipro gives over 85% variable pay for Q4 FY24
IT services major Wipro paid its employees an average of more than 85% variable pay for the fourth quarter of FY24, several employees have told ET, on condition of anonymity.
HUL managers a happy bunch, 200 execs took home Rs 1 cr pay in FY24
In the last fiscal year, 200 managers at Hindustan Unilever (HUL) earned over Rs 1 crore annually, a slight decline from 205 in FY23 but an increase from 163 in FY22. The median employee salary at HUL rose by 7.38% in FY24, down from 10.73% in FY23, with non-managerial staff seeing a 4.4% salary hike. Notably, one-third of HUL's high-earning executives were under 40, continuing a trend from the previous year.
Cost of living doesn't influence salaries; Pune among safest cities: KPMG Survey
A survey by KPMG revealed that cost of living differences across Indian cities do not affect compensation decisions, with most HR leaders stating there is no city compensatory allowance anymore. Employees consider various factors like rent, property indices, and local purchasing power when evaluating cost of living. Pune is highlighted for excelling in safety, while other cities like Chennai and Navi Mumbai excel in connectivity and healthcare. Companies are tapping into talent pools in satellite cities like Gurugram and Navi Mumbai.
Airlines dole out hikes and bonus after a good year
IndiGo and Air India announce salary hikes and bonuses for employees. IndiGo offers a 5% bonus to mark profitability in FY24, while Air India hikes salaries and bonuses up to Rs 1.8 lakh from April 1.
Air India gives salary increments to staff; announces target performance bonus for pilots
Air India unveiled its annual salary increments for employees and introduced an annual target performance bonus for pilots, marking the first appraisal cycle since the Tata Group assumed control of the struggling airline over two years ago. Alongside the rise in fixed pay for the fiscal year 2023-24, Air India has implemented an element of annual target performance bonus for its pilots, contingent upon both company-wide and individual performance. This addition will take effect starting from the fiscal year 2024-25.
AI Express union says reduced flights impacting cabin crew salaries
Air India Express Employees Union (AIXEU) flags concerns over flight delays and cancellations, impacting cabin crew salaries. Over 100 crew members have been idle for two months due to entry pass issues. Strike called off on May 9 after meeting with Chief Labour Commissioner. Union seeks intervention for salary impact. Next conciliation meeting on May 28.
Central govt employees, private employees can't claim LTA if they don't follow these rules; LTA eligibility, other latest updates
LTA for central govt employees: Employers offer Leave Travel Allowance (LTA) to offset travel expenses during leave. It covers airfare, train tickets, or public transport, but reimbursement is capped by employer or tax limits. Confusions arise, especially with air travel. Here's a breakdown: Can you claim LTA with a confirmed flight ticket? Does the booking platform matter? Is family included? What documents are required for flight-based LTA claims?
Air India Express cancels over 80 flights as cabin crew reports sick
Air India Express faced cancellations due to crew shortage and protests against HR practices. Government intervention sought to resolve issues. Post-merger challenges include salary cuts, allowance removal, and management complaints affecting passengers and crew.
Section of AIESL's permanent engineers plans to go on strike on May 24
1,700 AIESL engineers threaten strike from May 24 for immediate implementation of revised salary payments, citing discrimination issues and unfair labor practices.
Koo halts salary payments from April; founder says company 'will remain operational'
Koo cofounder Mayank Bidawatka had first said in September 2023 that the company was looking to raise funds or tie up with a strategic partner to scale operations amid a funding winter. But the talks have taken longer than expected to succeed.
Byju’s pays part of March salaries to employees, yet to clear Feb payouts
Byju's CEO covers March salaries with personal debt. Blocked rights issue, $200 million raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
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.
Cognizant defers annual hikes to employees
IT major Cognizant said a majority of its associates have seen four merit increases within three years, with the last cycle being April 1, 2023.
Employees at India’s top law firms likely to bag handsome payouts this year
Law professionals said employees are likely to get an average salary increase of 10-15%, with high performers set to bag 20-25% increments as firms try to reward and retain top talent that gives them the competitive advantage. Bonuses for top performers could go as high as 120-150% of the initial targeted variable pay, said senior company officials. By contrast, average salary increments across industry sectors in India in 2024 could be 9%, marginally lower than last year’s 9.2%, said a recent survey by management consulting firm Deloitte.
65% of India Inc employees expect favourable appraisal despite slowdown fears: Survey
The survey, conducted among 2,500 employees to gather insights on their salary increment expectations and outlook for 2024, found that despite the slightly lower projected increase and concerns about an economic slowdown, employees remain optimistic about their salary prospects.
Does more work and bigger responsibilities lead to better compensation and promotions?
Research from Deloitte India and Randstad India indicates that employees taking on additional roles are receiving better increments, double promotions, and career advancement opportunities. This strategy benefits companies by retaining talent, cultivating skilled workers internally, and saving on external hiring costs. Such initiatives have reduced attrition and boosted employee engagement.
Average increment in India expected to slip to 9% in 2024, says Deloitte survey
Deloitte India Talent Outlook 2024 Survey shows that while overall average increment is lower than last year’s, increment projection for 2024 is higher than the pre-Covid levels across all sectors, except IT and BPO/ KPO. The survey also predicts that companies are likely to offer double-digit increments to junior management employees but with a high focus on performance-based differentiation.
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