SEVERANCE PAY
PM Modi pays homage to Swami Vivekananda on his death anniversary
Taking to 'X', PM Modi wrote, "I pay homage to Swami Vivekananda on his Punya Tithi. His teachings give strength to millions. His profound wisdom and relentless pursuit of knowledge are also very motivating."
Barcelona trip on mind? Be prepared to pay higher tourism tax
Barcelona plans to increase its tourist tax to €4 per night from the current €3.25 starting October 2024, aiming to generate €20 million more annually, reports Schengen Visa News. The tax varies by accommodation type: €1.70 for four-star hotels, €2.25 for Airbnb rentals, and €3.50 for luxury hotels. Cruise passengers staying less than 12 hours pay €3, while longer stays incur a €2 fee.
Amazon tops up India payments business with Rs 600 crore
Amazon Pay India intensified competition with Paytm, PhonePe, and Google Pay, receiving a capital infusion of Rs 600 crore. The company invested Rs 950 crore in the platform and Amazon Seller Services, facing challenges due to RBI actions. With tie-ups for various services, Amazon Pay India reported significant operational revenue and narrowed net losses.
Italian PM Giorgia Meloni pays homage to Indian farm worker Satnam Singh in parliamentary address
Italian Prime Minister Giorgia Meloni recently honoured Satnam Singh, an Indian farm worker who tragically passed away after his employer abandoned him on the roadside following a severe injury. "These are inhumane acts that do not belong to the Italian people. I hope that this barbarity will be punished harshly," said Meloni.
Congress crushed spirit of Constitution several times for maintaining a family in power: Amit Shah
On the 49th anniversary of the 1975 Emergency, Shah also hit out at Congress leader Rahul Gandhi, calling him the "yuvraj" of the party and saying it has forgotten that his grandmother Indira Gandhi had imposed the Emergency and his father Rajiv Gandhi said in Parliament on July 23, 1985, that "there is nothing wrong with an emergency".
Gurgaon couple uses dead fly trick to avoid paying at restaurants. Netizens outraged
A middle-aged couple's shocking scam involving using a dead fly to avoid paying for meals at upscale restaurants has gone viral on the microblogging platform X. Udit Bhandari shared the story, revealing how the couple carries a dead fly, places it in their food, and creates a scene to get their meals for free. The post, which has received close to 2,000 views, sparked widespread outrage and disgust online.
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CEO posts about his 'honest' firing approach on LinkedIn, faces backlash online
Matthew Baltzell, CEO of Cap X Media, faced a social media backlash after posting about firing an employee on LinkedIn. His 10-minute meeting with the employee, offering a severance package and a future reference, was seen as both professional and insensitive by different users. While some praised his transparency, others criticized his approach as tone-deaf and unprofessional. Baltzell emphasized the importance of handling exits with respect and maintaining a positive company culture.
Kanchenjunga Express Train Accident: Rail services disrupted as several trains cancelled; Here's complete list
Following the tragic Kanchenjunga Express accident, resulting in 8 deaths and 25 injuries, numerous trains were either cancelled or diverted. Restoration efforts are underway, with passengers expressing fear and concern over the incident. Kolkata Mayor Firhad Hakim criticized the Central government for alleged inaction, while Bengal Chief Minister Mamata Banerjee also voiced her concerns.
Pay gap shrinks: Will BTech grads stay MBA course?
A Deloitte survey revealed a significant narrowing of starting salaries between MBA and BTech graduates in India. The pay gap has reduced to 57% in 2024 from 102% in 2021, potentially impacting the appeal of costly management courses for BTech graduates.
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.
BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership
Simpl, a Bengaluru-based consumer credit startup, laid off 30 employees after firing 160 executives. Senior executives Vatsal Jain, Ashwini Ravindranath, and Ramkumar Narayanan resigned. Earlier in April 2023, the BNPL startup let go 25% of its workforce or around 150 employees.
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.
Kanye West sued for harassment, not paying for severance package by former assistant. Here are details
Lauren Pisciotta said that Kanye West offered her $1 million for the job, with the condition that she would be available 24 hours seven days a week. But he fired her and did not pay the severance package.
DA hike: Will basic pay of central govt employees, pensioners increase as DA, DR touch 50%, as per the 7th Pay Commission?
DA hike latest news update: There have been speculations about a possible hike in basic pay for central government employees and pensioners in July 2024 as dearness allowance (DA) and dearness relief touch 50%. Usually, the DA and DR of the central government employees and pensioners increase from July. Are central government employees and pensioners looking for a hike in basic pay from July 2024? ET Wealth Online spoke with various experts to understand the regulations of Pay Commissions and how they will impact the salaries of central government employees and pensioners.
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.
Shortage of long-haul truck drivers hits logistics industry
Low pay scales, harassment by highway authorities and cops, adverse weather conditions, risk of accidents, lack of benefits at work, lack of hygienic restrooms and night parking facilities are some of the reasons for high attrition that is also dissuading many from the new generation to join the profession.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
UPI transactions scale 14 billion peak in May
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
Wipro's majority public shareholders oppose ex-CEO Delaporte's $4.33 million severance
At least 78.4% of the Azim Premji-led IT major's public shareholders or 10.31% of overall shareholders voted against the cash compensation awarded to Delaporte, showed the voting records published on BSE on Thursday.
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
Tide enables bill payments for MSMEs to streamline expenses
Tide’s Bill Payments are expected to help small businesses pay for a range of utilities such as electricity, gas, postpaid mobile and broadband bills.
Infosys cuts average bonus to 60% for Q4
The average pay-out, according to several employees, has dropped to 60% for the final quarter of fiscal 2024. It had announced a variable bonus pay-out of 73% for the October-December period, 80% for the quarter through September and 75% for the first quarter of the fiscal year.
Wipro’s Rishad Premji takes pay cut, ex CEO Delaporte takes home $20 mn
Wipro executive chairman Rishad Premji declined variable pay for the second consecutive year due to negative profit growth. He took a 20% pay cut, earning $769,456 in FY24. Former CEO Thierry Delaporte became the highest-paid IT sector CEO with $20.11 million in compensation for FY24, including a $11 million separation payment upon resignation.
What is 'Garden Leave' & does the 60-day H-1B visa grace period apply to such situations?
The termination of H-1B workers can be complex, especially when garden leave is involved. The ambiguity arises from the period between formal notice and payment cessation. While USCIS guidelines lean towards the formal notice date for termination, discretion is allowed based on individual circumstances.
Wanted: Policies that support womens’ advancement in the workplace
In India, women face significant barriers in the workplace, from the burden of unpaid care work to the gender pay gap. Despite anti-harassment policies like the POSH Act, compliance remains a challenge, contributing to the "leaky pipeline" where women exit the workforce.
Uber’s hyperlocal push; Paytm Bank’s bill pay biz transferred
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
ETMarkets Smart Talk: NBFCs could lead next leg of bull run on D-St, explains Shrikant Chauhan
In the upcoming bull run, NBFCs are anticipated to excel with a 15-20% upside potential, driven by potential interest rate changes in FY2024 Q2. Equity markets have shown recovery post dip, supported by positive macro-economic indicators and forecasts. Chauhan says: "Sectors like automobiles & components, banks/diversified financials, gas utilities and pharmaceuticals are expected to report a YoY increase in the net income."
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