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27Mar By PriyankaNo Comments

INDIA

Cognizant India to give 25 pc extra Payment to Two-Third of its Staff

IT firm Cognizant will give employees who are at associate level and below in India and the Philippines, an additional payment of 25 percent of base pay for April, in recognition of their extraordinary continuity-of-service efforts amid the COVID-19 outbreak. The move is expected to benefit over 1,30,000 Cognizant employees in India. Cognizant CEO, Brian Humphries in a note to employees said, the additional payment will be processed with their April paychecks, and that the company will be reviewing this approach monthly. Describing the pandemic as one of the biggest shocks to the world in decades, Humphries said that Cognizant, like all global companies, is experiencing the effects of this public health emergency on both the demand and fulfilment sides of its business, from London...

This is How Much Paytm Founder Earned in FY20

22Oct By AdityaNo Comments

News

This is How Much Paytm Founder Earned in FY20

Paytm founder Vijay Shekhar Sharma will take home a remuneration of $423000 (Rs 3 crore) in this fiscal, as per regulatory filings. The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd at their Annual General Meeting on September 30, 2019, filings with the Corporate Affairs Ministry showed. "...consent...is hereby accorded to approve the remuneration to be paid to Mr Vijay Shekhar Sharma, Managing Director of the Company for the financial year 2019-20, as recommended by the Board and Nomination and Remuneration Committee at their meetings held on September 4, 2019...," it added. Apart from the $423000 remuneration, Sharma will also be entitled to perquisites that include heads like vehicles, fuel expenses, accommodation, travel expen...

Infosys Doubles Salary of Employees, Helps them Upskill

27Nov By Gauri SinghNo Comments

BUSINESS

Infosys Doubles Salary of Employees, Helps them Upskill

Infosys is doubling pay packages for employees who successfully complete its new bridge programmes. These are programmes that help staff to shift from their existing job to one that demands higher skills. The company expects this initiative will also reduce attrition at junior levels — the rate has been high in recent times at over 20% — and give young employees more growth options. Indian IT firms, including TCS and Wipro, are coming up with novel methods to skill employees in fields like consulting, automation, artificial intelligence, and machine learning, and to make them stay for longer durations. The programme, aimed to move employees to the consulting side of the business, includes a test and a three-month curriculum. Post that, the employee has to spend six months internin...

Wipro Hikes Annual Fresher salary by Rs 30,000

26Oct By Gauri SinghNo Comments

News

Wipro Hikes Annual Fresher salary by Rs 30,000

Wipro has increased fresher salaries to Rs 3.5 lakh per annum, from about 3.2 lakh. Salaries of campus recruits had remained stagnant for many years across the industry. “We are also introducing a coding test to improve the quality of hires. We are looking to roll out a broad-based national talent test to expand the reach of our hiring process. We are hiring 25-30% more than last year,” said Wipro president and chief human resources officer Saurabh Govil. Others like TCS and Infosys have also adopted such strategies. TCS has launched a national level test. And these companies are offering significantly higher salaries to freshers with better coding skills. Wipro has a three-tier campus outreach. The first involves hires from star colleges like the IITs, and they are offered an average...

85% Infosys Employees Will Receive Increment

14Apr By Sheldan RungasamyNo Comments

News

85% Infosys Employees Will Receive Increment

Infosys, an Indian IT services, announced that it will increase the salary of a major portion of its 2 lakhs employees from “mid-single digit to high-single-digit”, starting April onward. Moreover, the firm set aside a special bonus pool worth $10 million that employees will receive as incentives on their variable salary that has been hiking since a year already. “We are also pleased to announce compensation revision for 85% of our employees starting April. For rest of the employees, primarily middle management and senior management, it will be effective July 1. This is for both onsite and offshore,” said Infosys Chief Operating Officer UB Pravin Rao. The COO also announced that most of the firm’s employees operating in India will receive raises from “mid-single digit to high-sing...

Mukesh Ambani Draws Salary of Rs 15 Crore For 9th Year in a Row

28Jun By Press Trust of IndiaNo Comments

News

Mukesh Ambani Draws Salary of Rs 15 Crore For 9th Year in a Row

Reliance Industries boss Mukesh Ambani kept his annual salary capped at Rs 15 crore for the ninth year in a row and did not take any stock option even as the remuneration of most executive directors on the board rose. Ambani, the richest Indian, has kept salary, perquisites and allowances and commission at Rs 15 crore since 2008-09, forgoing almost Rs 24 crore per annum. "The chairman and managing directors compensation has been set at Rs 15 crore as against Rs 38.75 crore as approved, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its annual report for 2016-17. His remuneration for 2016-17 included Rs 4.16 crore as salary and another Rs 60 lakh by way of perquisites and allowances. He got retirement benefits ...

Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year

5Jun By AdityaNo Comments

News

Azim Premji Salary Package Received 63% Cut, No Commission Paid This Year

Wipro Chairman Azim Premji's pay package saw a huge 63 per cent fall at USD 1,21,853 (about Rs 79 lakh) last fiscal, with no commission being paid during the year. The IT czar had drawn a larger compensation of USD 3,27,993 (about Rs 2.17 crore) in the previous fiscal. Premjis package included USD 66,464 in salary and allowances and USD 41,742 (others) and USD 13,647 in long-term compensation (deferred benefit - companys contribution to the Provident Fund and Pension Fund), totalling to USD 121,853 for the year 2016-17, as per documents with the US SEC. "Azim H Premji is entitled to a commission at the rate of 0.5 per cent on incremental net profits of Wipro for the fiscal 2017 over the previous year. For the year ended March 31, 2017, commission paid to Azim H Premji is INR Nil,"...

Google CEO Sundar Pichai Received Nearly $200 Million Compensation in 2016

29Apr By AdityaNo Comments

News

Google CEO Sundar Pichai Received Nearly $200 Million Compensation in 2016

Google's 44-year-old India-born CEO Sundar Pichai received nearly USD 200 million in compensation last year, double the amount he got in 2015. Pichai received a salary of USD 650,000 last year, slightly less than the USD 652,500 he earned in 2015. But the long-time Google employee, who was named CEO during the company's re-organisation in August 2015, received a stock award of USD 198.7 million in 2016, roughly double his 2015 stock award of USD 99.8 million. The company's compensation committee attributed the lavish pay to Pichai's promotion to CEO and "numerous successful product launches", the CNN reported. Larry Page, Google's co-founder and previous CEO, shifted his focus to growing new businesses under the Alphabet umbrella. Under Pichai, Google has boosted sales from ...

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

15Apr By AdityaNo Comments

BUSINESS

Infosys CEO Vishal Sikka takes home Rs 43 cr in FY17

Infosys CEO Vishal Sikka, whose pay package was one of the contentions raised by the founders, has drawn USD 6.68 million (about Rs 43 crore) or 61 per cent of the promised compensation for the 2016-17 fiscal. Sikka was eligible for a USD 11 million pay including basic salary, variable pay, restricted stock units (RSUs) and performance stock options for the year. Incidentally, this is also lower than what Sikka drew in the previous financial year when he took home Rs 48.73 crore. According to Infosys' financial statements that outline compensation to key executives, Sikka received only USD 3.68 million of the USD 8 million variable component that he was promised. One of the highest paid executives in the Indian IT industry, Sikka took home USD 0.82 million in variable pay, USD ...

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

13Apr By AdityaNo Comments

News

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

E-commerce major Snapdeal will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer. According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent. For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added. The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees. Earlier this year, the company's founders had admitted to have made mistakes and said they would take a "100 percent cut" in their own salaries. The decision to give such a good pay hike has b...

Under Pressure, India’s Snapdeal Woos Staff With Promises of Profit

5Apr By reutersNo Comments

News

Under Pressure, India’s Snapdeal Woos Staff With Promises of Profit

Seeking to calm employees rattled by reports of a cash crunch, the founders of Indian online retailer Snapdeal have gone directly to them with a string of townhall meetings in past weeks, according to sources, promising profit and brushing off takeover talk. The sources, familiar with the group, declined to be named as the meetings were not public. Like most e-commerce players in India, Snapdeal is burning cash to sustain discounts - and keep customers - in a cut-throat online market. But as the number three player, it also is under growing pressure from investors and its own employees to consider its bottom line, as well as market share. One of the sources said there had been at least five townhalls in recent weeks, with founders Kunal Bahl and Rohit Bansal delivering motivationa...

Mohandas Pai Backs Narayana Murthy; Says COO Payment is Huge But Not Performance

3Apr By AdityaNo Comments

Entrepreneurs Talk

Mohandas Pai Backs Narayana Murthy; Says COO Payment is Huge But Not Performance

Backing Infosys co-founder N R Narayana Murthy's view on pay hike to COO U B Pravin Rao being "not proper," company's ex-director T V Mohandas Pai today said the salary in this case is "spectacular" but performance is not. Alleging that Infosys' board was "misguided", Pai said the ""fundamental problem" was the pay hike given earlier to CEO Vishal Sikka "without any justification", because of which other executives were also expecting higher pay. He said salary levels in India cannot be compared with that in the US. "I totally agree with Murthy that it was not proper. We should have Indian norm for compensation; we can't follow American norm, we (Infosys) are not an American company," Pai, who was also formerly Chief Finance Officer of Infosys, told in a telephonic interview. T...