EMPLOYEE WAGES
EPS withdrawal rules changed; lakhs of EPF subscribes to benefit; check if you stand to benefit
The government has changed the Employees’ Pension Scheme (EPS) of 1995 to enable members with fewer than six months of employment to receive a withdrawal benefit. Additionally, the government amended Table D to ensure that withdrawal benefits are paid fairly; this change would benefit over 23 lakh members.
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.
Formal job creation under ESIC down by 7.8% in April to 1.64 million as compared to 1.78 million in April 2023
The provisional payroll data, released by the ministry of labour and employment shows that out of the total 1.64 million employees added during the month, 0.78 million employees or 47.6% of the total employees added to ESIC were up to 25 years of age, suggesting more jobs have been generated for the youth of the nation.
In search of 'decent work'
Former RBI Dy Guv Mohan said India could not break out of lower-income levels without massive employment in low-wage manufacturing. Lack of 'decent jobs' was so acute that Uttar Pradesh had 4 mn applicants for 60,000 constable jobs. India's labour force participation was barely 50% against 78% for Vietnam, 76% for China, and 65% for Indonesia. This underemployed mass could not be employed fully in services. So, it was essential to boost manufactured exports - that alone would produce enough 'decent jobs'.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
Paytm employees cry foul after being asked to quit
Paytm layoffs: Following the RBI's decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to "voluntarily resign" without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
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DA hike for bank employees: Dearness allowance from May to July 2024 announced; latest update on 5-day bank workweek
DA hike for bank employees: Dearness allowance will be 15.97% for May, June and July 2024 for the bank employees. The calculation of dearness allowance for bank employees was revised early this year. A new pay scale has been constructed for the employees of the public sector banks after merging with DA earlier. What will change in dearness relief for the pensioners of PSU banks? What is the latest update on the 5-day work week of the PSU banks? All you need to know
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.
Public sector banks pin hopes on new Govt for higher PLI for employees
State-run banks are optimistic about a more lucrative performance-linked incentive (PLI) for employees and are advocating for a five-day banking week as a new coalition government takes charge. Bank unions and employee associations seek a review of the current PLI scheme, introduced in 2020, which currently offers up to 15-days salary for growth exceeding 15%. Recent wage settlements have included a 17% salary increase and proposed a five-day week, pending government approval. Banks' cumulative profit exceeded ₹1.4 lakh crore in FY 2024.
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.
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.
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.
Why India needs three salary wedges to look beyond reservations to reduce injustices
Rahul Gandhi's quota cap strategy echoes Indira Gandhi's tactics on quotas from Neerja Chowdhury's book. In 1980, she guided P Shiv Shankar on handling the Mandal Commission report, emphasizing the delicate balance of quotas' impact. India in 2047 aims to move beyond reservations and adopt an abundance mentality focusing on employment and education, shifting from scarcity thinking.
Top two tech firms shed Gen Z flab, gain silver muscle
The share of Gen Z employees - or those aged 30 and under - fell by about 5 percentage points last fiscal at Bengaluru-based Infosys, and by over 2.5 percentage points at Mumbai-based TCS. The trend underscores a tepid IT hiring climate amid industry turbulence, which have impacted onboarding of young talent the most.
Apple Store employees in Maryland, US, may see its first-ever strike, here are the demands
CORE-represented Apple store workers in Towson, Maryland, have authorized a potential strike against Apple. The union seeks better wages, benefits, and scheduling following year-long negotiations, while Apple emphasizes its compensation and benefits.
Unionised US Apple store votes to authorise strike
Unionized workers at a Maryland Apple store voted on Saturday to authorize a strike, which would mark the first such labor action against the retailer in the United States if it goes forward. Employees at the Apple store in the town of Towson, outside of Baltimore, voted to unionize in 2022 -- another first for the iPhone maker's US stores.
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.
Pakistan struggles with soaring inflation and widening wage disparities
The government's decision to devalue the currency by over 50 per cent within a year and eliminate subsidies as part of the latest instalment of the International Monetary Fund bailout package has exacerbated the nation's cost-of-living crisis.
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.
Wage ceiling under EPFO may be raised to ₹21k
The government is contemplating enhancing the wage ceiling under the Employees' Provident Fund Organisation (EPFO) to at least ₹21,000 from ₹15,000 now to widen the social security coverage, a step towards achieving universal social security.
Living wage augurs well for contractual staff
India transitioning to living wages with ILO, affecting labor costs. Disparities in pay among different worker types. Global minimum wage increases noted. Italy resists implementing minimum wage. Challenges anticipated for MSMEs, SMEs, and gig workers.
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.
Govt approves 17% wage hike for 1.10 lakh employees of LIC
17% wage hike approved for 1.10 lakh LIC employees from August 1, 2022. NPS contribution increased to 14% for post-April 1, 2010 joiners. Government provides ex-gratia payment to over 30,000 pensioners. Bank employees' raise approved from November 1, 2022.
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.
Amid calls for 5-day week in banks, IBA invites employee unions for signing of wage settlement
The Indian Banks Association (IBA) has extended an invitation to bank unions to participate in the signing of the wage revision settlement scheduled to take place in Chennai on March 11, 2024. CH Venkatachalam, the general secretary of the All India Bank Employees' Association (AIBEA), shared this information through a social media post, stating that the IBA has called upon the United Forum of Bank Unions to sign the wage revision settlement.
ESIC to extend medical benefits to superannuated subscribers who retired at higher wages
In its 193rd meeting, under the chairmanship of labour and employment minister Bhupender Yadav, it was decided that superannuated or voluntarily retired people, who went out of the scheme due to higher wage ceiling but had five years of inusrable employment before retiring, will be eligible for medical benefits for self and spouse.
Germany's 4-day week experiment
Germany's experiment with a 4-day work week may not maintain productivity, but it could address wage inflation and promote more regular employment for part-time workers. Factors such as employee motivation, the digital economy, fertility, immigration, and the transition from manufacturing to a knowledge economy all impact labour productivity. Germany's productivity advantage is declining compared to Asian economies with surplus labour. Controls on movement of capital and labour are unsustainable, and economic growth relies on exporting capital and importing labour. Easier immigration and overseas investment can address labour shortages. Emerging economies are focusing on AI and energy transition to catch up, while larger investments in IT or alternative energy sources have transformative potential.
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