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No salary hike next year, job cuts possible: TCS

As part of cost cutting measures to tackle global economic downturn, IT major TCS on Thursday said job cuts are possible and also ruled out salary hikes next year. TCS managing director S Ramadorai said “there would be no hike in salaries in the forthcoming year” and added that “job cuts are possible if the situation worsens”. Adding further that TCS has frozen “lateral intake” he said the company is reviewing variable pay component on employee salaries. The variable pay component of TCS employees differs between 22 per cent and 35 per cent of his/her gross salary, depending on employee rank, he said. Variable pay represents eight percent of the total revenue of TCS, whose headcount is 1.3 lakh. Ramadorai said the company is also looking into all aspects of cost reduction, including capex and infrastructure.

February 27, 2009 Posted by | news | , , , , | Leave a comment

British telecom to cut 10000 jobs

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British telecom which has a large off shore presence in India,announced that it had plans of cutting jobs for 10000 employees by march 2009 but said India’s operations would not see any retrenchment.

November 14, 2008 Posted by | Uncategorized | , , , , , , , | Leave a comment

Europe IN recession club

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LONDON  – World leaders headed to Washington on Friday to try to find ways to tackle a global economic crisis that has plunged much of Europe into its first recession since the euro currency was formed.
The worst financial crisis in 80 years has weakened the world’s major economies and official data showed the 15-nation euro zone economy had shrunk by 0.2 percent for the second quarter in a row.”We think that the situation is likely to get worse before it gets better,” said Nick Kounis, an analyst at Fortis Bank.
“We will probably see further falls in output in the first few months of next year, before a gradualimprovement later in the year, but we think that there will be no real recovery before 2010.”
Analysts said they expected the European Central Bank to cut interest rates further to try to spur economic growth.With Europe, as well as parts of Asia and North America, suffering, leaders of the G20 developed and emerging countries travel to Washington to try to find ways to ensure the crisis, started by a U.S. housing market crash, is not repeated.
But agreement among the G20, which represents 85 percent of the world’s economy and two-thirds of its population, is unlikely over whether more regulation of markets can protect consumers, savers and companies from the fall-out.
Washington says there should be no return to greater state control of financial markets. Much of Europe says without more regulation, a repeat of the last year’s turmoil is inevitable.

November 14, 2008 Posted by | global | , , , , | Leave a comment