COMPENSATION FOR EMPLOYEES IN INDIA
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.
IKEA did what others only talk of doing & it was a gamechanger for India staff
IKEA faced high employee turnover globally. In India, to retain staff, IKEA introduced subsidized daycare, 26 weeks of parental leave, and a five-day workweek. These benefits have significantly improved employee satisfaction and retention, reflecting IKEA's commitment to addressing local worker needs and enhancing their work-life balance.
IT CEOs' salary in FY24; Wipro offers 85% variable pay
Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.
31% of employees in India experienced ageism at work: Randstad
A study by Randstad India has revealed that 31% of Indian employees have experienced bias or discrimination due to their age at work. The study, which covered nearly 1,000 respondents, found that pharma, healthcare & life sciences, and business process outsourcing/IT-enabled services were the sectors where the highest proportions of respondents experienced ageism. Construction, infrastructure, and real estate followed closely, with 41% of respondents experiencing ageism.
India’s five big IT firms see net exit of 25,000 women in FY24
The data analysis by staffing firm Xpheno revealed that five of India's top IT services companies - Infosys, TCS, Wipro, LTI Mindtree, and HCL Tech - have seen a collective net exit of 25,000 women in the year ending March. Despite an increase in the total number of women employed by these firms from 374,000 in March 2020 to 540,000 in March 2023, the diversity ratio has only seen a marginal growth of 0.9 percentage points during this period.
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.
- Go To Page 1
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.
Compensation gap between private & public sector widens in FY23
Total compensation of employees working with private corporations increased to 13.5% of the GDP in FY23 from 12.8% in the previous year while households, which largely represent the informal sector, saw their wages rise to the highest level in nine years to 8.5% of the GDP in FY23 from 8.4% in FY22.
Attrition rates continue to remain high for MBA graduates; drop in pre-placement offers: Study
Deloitte India's study on MBA graduates reveals high attrition rates, location preferences, and trends in compensation and skills assessment.
AI-focused TCS sees its staffers clocking more learning hours
This comes as TCS doubled its generative AI projects pipeline to $900 mn. Interestingly, senior female employees have been putting in more hours to learn than their male counterparts for the last four years, as per the annual report.
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?
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
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.
After Vistara, here's why Air India crew is up in arms against Tatas
Air India Express has been forced to cancel multiple flights due to a shortage of cabin crew, some of whom are reportedly protesting against alleged mismanagement at the airline. The discontent among the crew has escalated since the start of the merger process with AIX Connect. Passengers have expressed frustration over sudden flight cancellations. This comes in the wake of pilot woes at Vistara, another Tata Group-owned airline, which has also experienced flight disruptions recently.
Section of AI Express staff flag concerns, allege mismanagement at airline
A grouping of Air India Express cabin crew has alleged that the airline is being mismanaged and there is a lack of equality in the treatment of the staff. The airline is part of the Tata Group and is in the process of merging AIX Connect (formerly AirAsia India with itself).
Workplace injury reports show slight rise among top 1,000 listed companies
According to recent data from Prime Database, shared exclusively with ET, 268 companies reported 5,244 work-related injuries to white-collar employees in 2022-23, compared to 392 companies reporting 9,867 injuries to blue-collar workers during the financial year.
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.
How to claim LTA: Eligibility, LTA rules, documents you need to submit, how much amount you can claim and more
Leave Travel Allowance or LTA, a component in your salary, helps offset travel expenses incurred during your vacation. The benefit extends to family – covering travel costs for your spouse and dependent children, and family members. To claim LTA, you need to submit documented proof of travel costs to your employer within the stipulated deadlines. Who can claim LTA? What are the documents that you need to submit? What are the conditions you need to keep in mind while claiming LTA? All questions answered.
India Inc CXOs’ pay packets are getting fatter
CEO compensation in India Inc is on the rise, with median pay reaching Rs 9.3 crore in FY24. The average CEO compensation has surged to Rs 13.8 crore, up 40% from previous levels. About three out of every four CEOs in India now earn more than Rs 5 crore, the survey has found. CEOs earning more than Rs 20 crore in target total compensation has doubled over the last four years. Every second CEO had a target compensation of more than Rs 10 crore in FY24, compared with every third CEO in FY20.
Median CEO compensation stands at Rs 9.3 crore in 2024, up 35% compared to Rs 6.9 crore in 2020
CEO compensation surged in 2024, with median pay at Rs 9.3 crore and average at Rs 13.8 crore. Promoter CEOs earned more than professionals, and long-term incentives play a significant role in compensation structures.
Air India CEO updates employees on annual appraisal and overall progress in letter
Air India CEO Campbell Wilson expressed gratitude to employees for their hard work, announcing the ongoing annual appraisal cycle and progress in the airline's transformation. He highlighted achievements, including the Vihaan.AI initiative, onboarding of cadet pilots, and fleet expansion. However, challenges faced by sister carrier Vistara, including pilot protests, were noted. Wilson emphasized Air India's commitment to becoming a world-class airline and mentioned strategic developments such as the completion of the strategic disinvestment transaction and the implementation of a new Revenue Accounting System.
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.
Flipkart tweaks merit approach, converts hikes into payouts
Flipkart changes increment policy, offering merit-linked payouts and 100% bonuses to employees. Lump sum payments replace salary hikes. Last year, Flipkart had frozen hikes of 30% staff including senior leadership among tough macroeconomic conditions. In January 2023, ET had reported that Flipkart has begun a workforce reduction exercise that could see its total team size decrease by 5-7% and be completed by March-April as part of performance reviews.
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.
Air India set to lay off 200 staff to recast business
Tata-owned Air India restructures, cutting 200 jobs. Compensation for retrenched staff. VRS schemes utilized. Air India Express part of the process. Consolidation to merge airlines for full service carrier, expanding headcount with strategic recruitment.
In the era of gender disparity, women still find it a challenge to ask for a pay raise
The gender gap in pay raises persists due to women's hesitation influenced by confidence disparities and unconscious gender stereotypes. Organizational culture, compensation philosophy, and market benchmarks play a crucial role. Women should keep records, conduct research, negotiate, and consider non-monetary incentives.
Seven in 10 Indian employees believe they are underpaid: Report
Seven in 10 employees in India believe they are underpaid. Salary is considered the most important aspect of a job. Organizations plan to improve payroll accuracy, timeliness, data security, and privacy. Employee wellbeing, including financial health and wealth creation, is a top priority. Employers are embracing AI in payroll management and exploring alternative compensation methods.
Load More
