Infosys employees receive quarterly performance bonuses
Wipro may skip salary increments for top performers who receive higher compensation
Engineering Corporation (HEC) will give its employees a Diwali bonus of two months' salary as part of a government scheme. The Indian industrial company, founded in 1958, also plans to address other employee issues, such as workers owed around 21 months' salary, the initiating of a provident fund and medical insurance.
Meesho, an e-commerce marketplace, prioritises employee well-being with the 'Reset and Recharge' break, promoting mental health and relaxation. It’s part of the MeeCARE wellness program that focuses on multiple aspects of employee wellness. Enhanced with innovative policies like unlimited wellness leave and pet-adoption leave, Meesho aims to provide a flexible and empowering work environment.
Indian banks could shift to a five-day work week, as digital transactions reduce the need for physical branches. The Indian Banking Association has approved the change, with further approvals pending from the Finance Ministry and Reserve Bank of India. Meanwhile, banks, including Punjab National Bank, plan a 15% pay rise for employees, acknowledging their role in a profitable period. The wage agreement is expected before the 2023 Lok Sabha elections.
Citibank India has introduced a WFH option following maternity leave.
Over 2+ lakhs gig workers in Karnataka will receive health insurance
In the financial year 2021- 22, the Information Technology giant doled out promotions to around 42000 of its staff members and spent a huge sum (approximately in millions) on raising salaries. The New Jersey based company is said to have spent $130 million (more than Rs 1000 crore) this year for performance based and off cycle raises. On October 17, Cognizant India began giving yearly pay hikes to its employees, coming head to head with rivals such as Tata Consultancy Services (TCS) and Wipro in sprawling out merit salary increases (MSI) regardless of the currently elevating macroeconomic headwinds and unyielding labour market. The software service promoted 13, 810 employees up to the position of associate director, and spent almost $36 million on an average increase of 14 per cent, in pro...
ECA International’s Regional Director for Asia, Lee Quane, said: “Our survey indicates another tough year for workers globally in 2023. Only around a third of the countries surveyed are forecast to see real-terms salary increase, though this is better than the 22% that experienced increases this year.” Average salaries fell 3.8% in 2022, according to ECA. ECA’s Salary Trends Survey is based on information collected from over 360 multinational companies in 68 countries and cities. These are the top 10 countries and their predicted real-terms salary increases in 2023: India (4.6%) Vietnam (4.0%) China (3.8%) Brazil (3.4%) Saudi Arabia (2.3%) Malaysia (2.2%) Cambodia (2.2%) Thailand (2.2%) Oman (2.0%) Russia (1.9%) And the bottom five, with their expected decreases: Pakistan (-9.9%) Ghana (-1...