Satish Malhotra, who is the CEO of American specialty retail chain company The Container Store, has voluntarily reduced his own salary, by 10% to help offset costs and help with salary hikes for other employees at the company. Notably, Satish has been the company's CEO since February 1, 2021. He previously worked at the world-renowned cosmetics chain Sephora for 20 years, and took the decision to ensure employee's hike.
Courtesy: India Times
At a time when Artificial Intelligence (AI) has become a threat to job seekers, Netflix has offered an AI-related job, with an astonishing salary of Rs 2 crore- Rs 7.4 crores. In a long post, Netflix sought applications for the role of AI product manager, on its Machine Learning Platform (MLP). The role will involve utilizing AI across all aspects of Netflix's business, including content acquisition and personalizing user recommendations.
Courtesy: India Times
Disappointed with the company, IT employee union Nascent Information Technology Employees Senate (NITES) has filed a complaint against Indian IT major Wipro with the Labour Ministry. Filed on February 22, the complaint reads, "The company [Wipro] is now reducing the salary of freshers unethically, which is a clear violation of the terms of the offer letter and a breach of contract." Wipro revised offer letter, reducing salaries by 50%.
Courtesy: Business Today
Elon Musk said on June 21 that Tesla will decrease 10% of its salaried personnel over the following three months as the business navigates global macroeconomic circumstances. This would result in a 3.5% reduction in Tesla's overall personnel. Tesla employs over 100,000 employees throughout its locations, and the headcount increased by more than 40% last year. It began another round of layoffs last week, this time encompassing hourly staff. … read-more
Courtesy: Zee News
Central Government employees will now receive 34% Dearness Allowance (DA), after the Union Cabinet hiked it by 3%, on March 30. The move is expected to benefit 47.68 lakh central government employees and 68.62 lakh pensioners. "The increase in accordance with the formula, which is based on the recommendations of the 7th Central Pay Commission," said the Union Cabinet, reported PTI.
Courtesy: Press Trust Of India
In a major update related to the 7th Pay Commission, the central government has decided to increase the risk allowance of defense civilian employees before Holi 2022. In addition, the salary of eligible employees will increase anywhere from Rs 1,000 to 8,000. risk Notably, the allowance is provided to defense civilian employees who are employed in risk-induced duties such as unskilled workers, semi-skilled workers, and so on.
Courtesy: Zee News
Bank of Baroda has reportedly signed a Memorandum of Understanding (MoU) with Assam Rifles, the country's oldest paramilitary force. Bank of Baroda will now provide its 'Central Forces Salary Package' to the personnel of Assam Rifles. The services will be extended to both retired and serving personnel. "We at Bank of Baroda are honoured to be able to serve the Assam Rifles", said Chief Defence Banking Advisor, Bank of Baroda.
RBI has changed the rule of the National Automated Clearing House (NACH), from August 1. Salaries and pensions will be credited to individuals’ bank account not only on weekdays but throughout the week. RBI governor, Shantikanta Das, asserted that to enhance the convenience of customers and to experience the benefit of 24x7 Real Time Gross Settlement, NACH will be working seven days a week.
Google has disclosed a new Work Location tool that helps employees calculate their pay, how their salary will be adjusted based on their location, and benefits for remote workers. A Google spokesperson said, “With Google’s new hybrid workplace more employees are considering where they live and how they work.” This step encourages Google CEO Sundar Pichai's call for more flexibility in workspaces regarding changes in work location and remote… read-more
Courtesy: Hindustan Times
Delhi Deputy CM Manish Sisodia on May 15 announced Rs 1,051 crores fund for three municipal corporations to pay salaries to employees and healthcare workers. Allocating Rs 367 crore, Rs 432 crore and Rs 251 crore for east, north and south corporations respectively, Sisodia stated the funds should be used to pay salaries and not “diverted for other uses". He also accused Municipal Corporations of Delhi of "mismanagement and corruption".
Courtesy: The Economic Times