IT SALARY HIKES
6 things salaried taxpayers want from Budget 2024: Hike in standard deduction, HRA exemption, work from home benefits and more
Budget 2024 expectations: The upcoming budget is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers expect revisions in areas like standard deduction, tax slabs, and HRA limits to ease their burden and encourage spending. Here are some of the key changes that salaried taxpayers want from Finance Minister Nirmala Sitharaman in Budget 2024.
DA hike latest update: Will central govt employees, pensioners get 18-month DA arrear? PM gets a proposal
7th Pay Commission Dearness Allowance Latest Update: Dearness allowance is a component of salary of the government employees and pensioners. It was introduced to help government employees cope with rising inflation. Will the central government employees and pensioners get arrears for the dearness allowance (DA) and dearness relief (DR) suspended for 18 months during the COVID-19 pandemic? Prime Minister has received a proposal. All you need to know
Latest on DA hike 2024: 13 allowances of central government employees to increase by 25% as dearness allowance touches 50%
Latest on DA hike: Now that the Dearness Allowance (DA) has reached the 50% mark, several other allowances will also see an increase. As a result, certain allowances are expected to experience a 25% boost.
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.
Budget 2024 should hike basic income tax exemption limit to Rs 5 lakh in both old and new tax regimes: Deloitte
Finance Minister Nirmala Sitharaman is likely to present Union Budget 2024 this month. Salaried taxpayers are eagerly waiting for some much-needed tax benefits from the upcoming Budget. According to Deloitte, salaried people want Finance Minister to revamp tax slab benefits, adjust HRA rates, incentivise EV sales, and promote affordable housing in Budget.
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.
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Sweden raises salary threshold for foreign workers by almost 120%; mulls further hikes
The government plans to further raise the threshold to 35,600 kronor, with exemptions for certain workers and a one-year grace period for current permit holders. The updated threshold applies to new applications and renewals from June 18, 2024, with annual adjustments based on median salary figures. Temporary seasonal workers must meet a lower threshold of 13,000 kronor but also ensure their salaries align with industry standards.
Jharkhand cabinet approves salary hike of CM, ministers, MLAs by up to 50 pc
Jharkhand government approved up to 50% salary hike for CM, ministers, and legislators. Chief Minister Champai Soren chaired the cabinet meeting where the decision was made, confirmed by Cabinet Secretary Vandana Dadel.
Ignored Bengaluru woman leaves job, rejoins same startup after getting Ivy League degree at double pay
A woman's bold career move in Bengaluru has gone viral. Feeling undervalued at her startup job, she pursued an Ivy League education, enhancing her career prospects. Returning to her previous company, she secured a position with a salary more than double her previous earnings. Her story, shared by Adithya Venkatesan, has inspired many online, emphasizing the value of education and strategic career choices.
Pakistan and IMF disagree over new income tax rates that will burden salaried class
Pakistan's talks with the IMF ended inconclusively over disagreements on new income tax rates for salaried and non-salaried individuals and the income tax threshold, as reported by the media.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
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.
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.
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.
'Appraisal, promotion system in Indian cos is a joke': Dehradun techie shares ideas to get big pay hikes
A post by an engineer in Dehradun for higher salaries has sparked a discussion on social media. The engineer emphasized the need for individuals, especially software engineers, to consider switching jobs for better pay. The post has led to conversations about job mobility and fair compensation in the Indian job market.
UK train strikes in May 2024: These are the lines to be affected this week
The dispute regarding pay keeps dragging on as train drivers from multiple rail companies will strike on different days of the week, giving the UK rail network another blow this May, according to recent reports.
Engineer shares key tips on how to get salary hike amid appraisal season in India
Akshay Saini, an engineer from Dehradun, has gained attention for his frank views on achieving higher salaries during the busy appraisal season in Indian companies. He emphasizes that job switching is often the best way to increase income significantly, citing dissatisfaction with internal appraisals and promotions. Saini's straightforward advice to those feeling underpaid is to switch jobs without hesitation.
Salary hikes likely to be super healthy for BFSI employees
The average annual increment after the performance appraisals for fiscal 2024 is likely to be 10%, according to a study conducted for ET by Ciel HR Services. For high performers, it could be 12-20%.
TCS announces double-digit salary hike this year: Here is what you can expect in this appraisal cycle
TCS Appraisal 2024: India's biggest IT company, Tata Consultancy Services, has declared a double-digit salary increase. The company plans to onboard 40,000 freshers and saw a reduction in headcount by 1,759 employees. Despite this, TCS ended with 13,249 fewer employees than the previous year and a 3.5% revenue growth.
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.
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.
Strong demand for skill sets in data analytics, generative AI, machine learning: Report
The IT sector is seeing demand in areas such as technology, data, AI/ML, product and security along with digital transformation and Internet of Things (IoT), and generative AI. Junior employees are getting 35-45% salary hikes while switching jobs, with mid-level and senior management getting 30-40% and 20-30% hikes respectively, according to Michael Page’s annual Salary Guide.
IT services companies may roll out 8.4-9% salary hikes this year
In 2024, IT majors are expected to give average salary appraisals of 8.4-9%, similar to the 8.5-9.1% average increases recorded in 2023, according to data sourced by ET from Teamlease Digital.
Indian companies to hand out bigger hikes
A survey by Aon indicates that India-based companies are likely to offer higher salary hikes to their employees in India compared to foreign-headquartered firms. This trend started in 2022 and continued in 2023, influenced by cost pressures and economic uncertainties in advanced economies like Japan and the UK.
BCCI announces salary hike for Test players up to Rs 45 lakh; unveils new reward scheme
BCCI's 'Test Cricket Incentive Scheme' offers financial incentives and a salary hike up to Rs 45 lakh to Indian cricketers. The scheme rewards players based on the percentage of Test matches played. BCCI emphasizes the importance of domestic cricket and hunger for Test cricket.
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.
Salary hikes likely to remain flat this year
Engineering firms and non-banking financing companies (NBFCs) are likely to give hikes of over 10%, according to Aon. This set is followed by automobiles, financial institutions, fast-moving consumer goods (FMCG), tech platforms & products, professional services and global capability centres (GCCs), where increases are seen in the 9.5-9.9% range. Key sectors that see increases slowing include ecommerce (to 9.2% from 9.6%), retail (8.4% from 9.2%), startups (8.5% from 9%), and tech consulting & services (8.2% to 9.1%).
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