Top headlines: Hikes, bonuses come down for IT firms, GACs in IT rules

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. This corresponds with the fall in hiring among the big four IT services players. The MeitY is set to retain the provision creating government-appointed grievance appellate committees (GACs) in the amended IT rules, which are likely to be released by the end of this month. Read more on these in our top headlines.

Salary hikes and bonuses start to come down for Indian IT services sector

The crazy salary hikes and bonuses with attrition hitting the roof is finally tempering down for the Indian IT services sector. This corresponds with the fall in hiring among the big four IT services players. HR experts believe that the compensation packages are already down and will stay at these levels even for FY24. According to data from Xpheno, a specialist staffing firm, IT Services cohort has registered a 41% drop in hiring action since April 2022. Read more

MeitY gets legal dept approval for govt-backed GACs in IT rules

The Ministry of Electronics and Information Technology (MeitY) is set to retain the provision creating government-appointed grievance appellate committees (GACs) in the amended information technology (IT) rules, which are likely to be released by the end of this month. The government has received the department of legal affairs' approval for the final version, according to a source. Read more

Tussle over secrecy delays trade data compilation by Commerce Dept: Sources

The department of commerce is staring at a crisis as it has not been able to generate crucial foreign trade data for nearly two weeks now, amid differences with the revenue department over secrecy of customs data, people aware of the matter said. The Directorate General of Commercial Intelligence and Statistics (DGCIS), which compiles and publishes trade statistics, has not been able to process and validate the crucial daily and weekly trade data. Read more

New Covid strains, seasonal ailments may spike hospitalisation in winter

Experts have cautioned against letting the guard down now as the new mutations on the block – BQ.1 and BQ.1.1 – are leading to a surge in cases across the world. What worries the scientific and medical community is that an immune-escape Covid-19 strain coupled with the natural spike in influenza and pneumonia cases during winters may lead to a rise in hospitalisations. Read more

Companies see slowdown in growth of temporary, contract and casual jobs

Some of India’s largest companies have seen a slowdown in the growth of temporary, contract and casual jobs, as compared to the increase in their total workforce. The absolute number of such jobs is up 30 per cent between financial year 2017-18 and 2021-22 (FY18-22), shows an analysis of data collated from the annual reports of S&P BSE 100 companies. Forty-eight firms were considered for the final analysis based on the availability of uniform data across the last five years. Read more