Page 4 - Salary

Centre hikes dearness allowance to 50% of basic pay for its employees

The Centre on Thursday hiked Dearness Allowance (DA) to 50 per cent of basic pay from the existing rate of 46 per cent effective from January 1 this year, benefitting over 1 crore employees and pensioners ahead of general elections. The Union Cabinet has approved to release an additional instalment of Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners from January 1, 2024, representing an increase of 4 percentage points over the existing rate of 46 per cent of the basic pay/pension, to compensate against price rise, Union Minister Piyush Goyal said after the Cabinet meeting. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs 12,869 crore per annum. The impact would be Rs 15,014 crore during the year 2024-25 (January 2024 to February 2025). With the increase in DA, transport allowance, canteen allowance, and deputation allowance among others have been increased by 25 per cent. House Re

Byju's unable to pay salaries as funds locked amid rift with investors

Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence. After all, we now have funds to meet our short-term needs and clear our liabilities. However, I regret to inform you that we will still be unable to process your salaries," he said. In the letter - seen by PTI - Raveendran said the company is still striving to ensure that salaries are paid by March 10. "We shall make these payments the moment we are permitted to do so as per law," he added. Further, Raveendran said that last month, the company faced challenges due to a lack of capital, and "now we are experiencing a delay despite having funds". "Unfortunately, a select few (4 out of our 150 plus investo

Companies expected to dole out 10% average salary hike this year: Survey

Companies in India are expected to dole out an average of 10 per cent salary increase this year, with automobile, manufacturing and engineering sectors anticipated to witness the highest hikes, says a survey. In 2023, the average salary hike was 9.5 per cent, according to consultancy firm Mercer's Total Remuneration Survey (TRS) released on Tuesday. "This trend showcases India's strong economic performance and its growing appeal as a hub for innovation and talent. Employees in the automobile, manufacturing & engineering and life sciences in India are projected to see the highest salary increment increases, highlighting the competitive nature of these sectors," it said. The survey, conducted between May and August 2023, gathered data from 1,474 companies, covering more than 6,000 job roles and representing more than 21 lakh employees. It focused on salary trends across various industries, with individual performance, organisation performance and position in salary range being the ..

Manufacturing firms likely to lead pay hikes in 2024: AON India survey

According to the projections by AON, the manufacturing sector could lead the hike with 10.1 per cent, followed by life sciences, and financial institutions with a 9.9 per cent hike each

Salaries in India expected to increase by 9.5% in 2024: Aon survey

Salaries in India are expected to increase by 9.5 per cent in 2024, slightly lower than the actual increase of 9.7 per cent in 2023, largely in response to market dynamics, according to global professional services firm Aon plc. According to the firm's annual salary increase and turnover survey 2023-24 India, that analysed data across 1,414 companies from almost 45 industries, salary increase in India seems to have stabilised at high single digits, after the post-pandemic high increments in 2022. "The projected increase in salaries in the Indian formal sector indicates a strategic adjustment in response to the evolving economic landscape. "Despite a conservative global sentiment, industries such as infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors," said Roopank Chaudhary, partner and chief commercial officer for Talent Solutions at Aon in India. India continues to roll out the highest salary increase

GST on expat salary: CBIC asks officers not to apply SC order mechanically

Investigation in each case requires a careful consideration of facts, including the terms of contract: CBIC

Byju's founder Raveendran pledges homes to raise funds for staff salaries

Two homes owned by Raveendran's family in Bengaluru, in southern India, and his under-construction villa in Epsilon, a plush gated community in the city, were offered as collateral to borrow $12 mn

Byju's pays November salaries to 1,000 employees after 4-day delay

Cash-strapped edtech company says technical glitch led to 'limited employees' missing payments on Dec 1

Avg pay packages of new mgmt recruits see 40% rise in last 2 years: Study

The average salary of management graduates of Institute of Management Technology, Ghaziabad has increased by as much as 40 per cent in the 2022-23 placement cycle, as compared to the previous two years, according to a study. The internal study by Institute of Management Technology, Ghaziabad noted that the number of first-time recruiters constituted 40 per cent of the total recruiters in the 2022-23 placement cycle. "IMT Ghaziabad has maintained a consistent record of 100 per cent placement for its students. "The BFSI, IT/ITES, FMCG, consumer durables, and consulting sectors have generated more than 75 per cent of the offers, indicating positive growth in career outcomes for our students. We have to remember that many of these firms are multinational in nature," Vishal Talwar, Director IMT Ghaziabad said. According to Talwar, participating in global rankings such as Financial Times and QS and a few others will help the institute in the quality and diversity of roles across industry

Hero MotoCorp Chairman Pawan Munjal to take 20% cut in fixed salary

Hero MotoCorp on Wednesday said its board has approved a 20 per cent reduction in the fixed salary of Chairman Pawan Munjal following his request. Earlier this year, Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the company, Hero MotoCorp said in a regulatory filing. "Following this transition, he has now volunteered to reduce his fixed salary by 20 per cent. The same was approved by the Board of Directors at its meeting today (November 1) following the recommendations of the Nomination & Remuneration Committee," it added. The updated remuneration of the executive chairman will be effective January 1, 2024, the company said. According to the company's annual report for 2022-23, Munjal's remuneration was Rs 99.55 crore in the fiscal. In March this year, Hero MotoCorp announced the elevation of Niranjan Gupta as the new CEO from Chief Financial Officer, Head - Strategy and M&A, and assumed the new role with effect from May 1, 2023. Munjal ..

IT industry salaries, wages continue to give margins a run for its money

The industry's core operating margins (that exclude other income) declined to 22 per cent of net sales in Q2FY24 from 22.4 per cent a year ago and the five-year average of 23.6 per cent of net sales

Wipro to roll out merit salary increases, effective by December 1

Wipro delayed the announcement by a quarter reportedly due to macro headwinds and margin pressure

Dunzo delays employee salaries yet again, sets October as new deadline

Dunzo, a quick commerce startup backed by Reliance and Google, had earlier told its employees that their June and July salaries would be paid in September

NDMC clears proposals for 7th Pay Commission, Gole Market restoration

The New Delhi Municipal Council (NDMC) in a meeting on Wednesday approved various proposals, including grant of Seventh Central Pay Commission (CPC) pay scales to its employees and restoration of the Main Gole Market building as a museum, officials said. The council's meeting was attended by Union Minister Meenakashi Lekhi, NDMC chairperson Amit Yadav, vice chairperson Satish Upadhyay, council member Kuljeet Singh Chahal among others. Addressing a press conference after the meeting, Upadhyay said the redevelopment plan of the Gole Market has been approved and the main building there will be turned into a museum with an aim to make it a tourist site. "We passed the redevelopment plan of the Gole Market after today's council meeting. We are also planning to turn the main building into a museum which can be a tourist attraction. The theme is yet to be decided. We have also decided to end the disparity in salary of guest teachers and consultants," the NDMC vice chairperson said. Speaki

American workers want almost $79,000 salary to start new job: US Fed survey

For men the average reservation wage was about $91,000 - and for women it was $25,000 lower than that

Raise salary, perks of controllers to overcome shortage: Railways told

Flagging a shortage of train controllers, some senior officers have written to the Railway Board suggesting measures such as higher salary and perks for these post-holders who perform the "most stressful and challenging" task and are crucial for safe and smooth train operations. They said that since the discontinuation of direct recruitment of traffic apprentices in 2020, almost all railway zones are facing difficulties in filling up the post of section controllers. After discontinuing the direct recruitment process, the railways decided to fill 75 per cent of controllers' posts by promoting station masters (55%), guards (10%) and train clerks (10%). The remaining 25 per cent recruitments are to be done through limited departmental competitive examination. In a letter to the Railway Board on August 4, Dr Pranai Prabhakar, Principal Chief Operations Manager (PCOM), North Western Railway, said, "Earlier, due to higher pay scales and added benefits, the major feeder cadre (station ...

Explained: How to structure your salary to reduce your tax burden

When an employer when employees a person, he specifies his cost to the company (C.T.C). It means that the organization is going to spend that much amount per year to employ that person

Indian startups give salary hike of 8-12% in FY23, favour ESOPs: Study

Stock offer key component in increments for senior leadership roles, it says

62% corporate employees get salary hikes, small cities do better: Study

19% executives in leadership positions receive increments in the 5-10 per cent range

Indian jobseekers value flexibility over salary, finds Indeed survey

Work flexibility is the most crucial parameter for Indian jobseekers, much more than compensation and benefits, according to a survey by global job site Indeed. As per the survey, 71 per cent of jobseekers chose flexibility as the top parameter. This includes ability to work from home, set your own hours, and take breaks as needed. The survey 'The Job Search Process: A Look from the Inside Out' aims to gain insights into the preferences, challenges, and aspirations of jobseekers amidst global economic shifts. This survey, conducted in May 2023, captured insights from 1,810 individuals, consisting of 561 employers and 1,249 jobseekers. The research was conducted by Valuvox on behalf of Indeed. Around 70 per cent of Indian jobseekers consider work modes, such as hybrid or remote work arrangements, and 69 per cent factor in the proximity of the job location. As per the survey, 67 per cent of jobseekers consider the compensation offered, including the salary, benefits, health insuranc