Frenchmen Gets 69 Euros per Month Job in Bangalore Textile factory

A French textile firm has caused outrage by telling nine of its workers that they have the choice between the sack and redeploying to an Indian factory and taking a gigantic pay-cut.

Carreman told its workers at a plant in the southwestern town of Castres that it would offer them pay of 69 euros (92 dollars) a month if they moved to Bangalore, union officials said at the weekend.The minimum legal monthly salary in France is 1,321 euros.

Francois Morel, the boss of the factory, told a local paper that before being allowed to lay off the workers he was obliged to offer them work elsewhere in the group under legal requirements which he described as "stupid."

CGT union official Edmond Andreu that the offer had provoked "anger mixed with stupefaction" among workers at the factory, who say it is obvious no-one will take up the proposition.

Workers at the Bangalore factory are paid the equivalent of 69 euros a month for working a six-day week, and get an annual bonus of a month's pay as well as medical insurance.The nine Castres workers were also offered free plane tickets and a 1,000-euro bonus for moving.

Oracle - Java: Oracle Buys Sun Microsystems

Oracle Corporation (NASDAQ: ORCL) and Sun Microsystems (NASDAQ: JAVA) announced last week they have entered into a definitive agreement under which Oracle will acquire Sun common stock for $9.50 per share in cash. The transaction is valued at approximately $7.4 billion, or $5.6 billion net of Sun's cash and debt. "We expect this acquisition to be accretive to Oracle's earnings by at least 15 cents on a non-GAAP basis in the first full year after closing. We estimate that the acquired business will contribute over $1.5 billion to Oracle's non-GAAP operating profit in the first year, increasing to over $2 billion in the second year. This would make the Sun acquisition more profitable in per share contribution in the first year than we had planned for the acquisitions of BEA, PeopleSoft and Siebel combined," said Oracle President Safra Catz.

The Board of Directors of Sun Microsystems has unanimously approved the transaction. It is anticipated to close this summer, subject to Sun stockholder approval, certain regulatory approvals and customary closing conditions

--Iyen

Most Indians Prefer for Profile than Pay slip: Study

More than 60 per cent of people in India are ready to accept cuts in salaries and job positions if they are given something more meaningful in terms of work profile, a new survey has found.

The international workforce survey conducted by human resources firm Kelly Services also showed that 94 per cent of Indian workers derive a "greater sense of pride" from their jobs than those in other countries.

The Kelly Global Workforce Index survey sought the views of nearly 1,00,000 people in 34 countries including 3,500 in India.

"Ninety four per cent of people in India say their work gives them a sense of pride and 92 per cent say it raises their self confidence. In addition, 62 per cent of people in India will forego income or status to do something more meaningful," Kelly Services said in a statement.

"A significant number of people are actually prepared to give up some of their salary and their position if they can do something that is important and (meaningful) to them and their organisation," said Dhirendra Shantilal, Senior Vice-President (APAC) at Kelly Services.

However, in India, 33 per cent of people in the age group of 30 to 47 years (Gen X) said that their career goals are not being advanced in their current jobs.

Yahoo ??, No Increment

Yahoo! has decided to freeze salary hikes of its employees this year as the Internet major explores cost cutting measures to cope with the deteriorating global economic situation.

"Based on the current economic environment and our focus on keeping costs in line with revenues, we have decided that providing annual salary increases would not be in the best interests of the company or our shareholders," Yahoo! spokesperson based in the US Kim Rubey said in an e-mail.

Rubey noted that the freeze on salary hikes would be "in place through 2009".
The latest move comes in less than two weeks after Carol Bartz took over as the Yahoo! Chief Executive from its founder Jerry Yang.In 2008, Yahoo!'s global headcount stood at 15,000 and of them, around 1,500 employees are in India.

--Gopi

Recession hits Infosys employees Pay slip

Infosys, India's second largest IT firm, employees of which has a tough time ahead, they may not have plum sum increment this year and it can even worsen that company may decrease their pay scale, reports suggests.

"A part of our salary is determined by variable sales component, which is the percentage of the company's revenue," said Infosys' director for human resources TV Mohandas Pai. "Since the revenues are down, the salaries will naturally be trimmed."

Speaking to reporters on the sidelines of a press conference here, Pai said the leading software exporter and business process outsourcing firm may also opt out of salary hikes because of the slowdown.

"The increments may not happen this year. But, if they do, they will be subdued." Pai also maintained that the company will honor the 20,000 campus offers made last year, but added that fresh hiring has been frozen.

Ref: IndiaTimes

--Gopi

Recession : IT attrition @ 3-year low

As the recession hits at IT industry and there are enough measures taken by companies in the name of cost cutting. That has gone to the height of bonus cut, increment cut and decrement to layoffs. The terms which are used as reasons for people quitting job till last fiscal, however in this fiscal the same terms are there enough in all most all companies but the attrition rate dips to 3 year low.

For Wipro, the attrition rate has come down from as high as 20 per cent two years ago, to 12 per cent. For Infosys, the rate is down from 13.7 per cent in the first quarter of 2007-08 to 11.8 per cent in the last quarter. TCS has seen a percentage point decline in the rate between the first quarter of this year and the third quarter.

Though companies says the low in attrition is because of their measures to ensure employee satisfaction. But almost all the people working in the industry knows the real fact behind the low attrition rate.

Ref:IndiaTimes

--Gopi

Recession hits FM radio

FM radio, the media which was not very known to common man 4 years back is now on every home’s living room. A private FM station has been growing at 30 to 40 % in the last few years, thanks to the revenues through advertisements. However the growth rate would come down to 15 % this year says Radio City 91.1 FM CEO Apurva Purohit told sources.

Ref: DD News

--Gopi

India – Govt may come out with Third stimulus package soon

The government may come out with a third stimulus package to boost the economy, textile minister Shankersinh Vaghela said on Tuesday.

The package will include special concessions for the textile industry, he said. Mr Vaghela said he has sent the recommendations of his ministry to the prime minister’s office (PMO) and the PMO is expected to take a final call on the package in the next few days.

The third stimulus is in line. It may include certain concessions for cotton exporters (apart from other measures),” he said on the sidelines of a function to launch the Fashion Design Promotion Council.

The government would also soon announce a debt waiver package for handloom waivers. The Cabinet is examining the Rs 2,200-crore debt waiver for weavers across the country. The Cabinet is likely to pass the proposal in its next few meetings as the proposal has found favour with the PMO also, the minister said.

There are about 35 lakh handloom weavers in the country and about 20 lakh are likely to benefit from the scheme. It is also likely the government would extend loans at concessional rates to handloom weavers. “As part of the scheme, we have recommended interest subvention so that loans to the weavers are made available at 7%, which is the rate applicable to the agriculture sector,” he said.

Ref: YNFX

DLF to Slash Price, hints Job cut

As the credit crunch continue to hit hard at every ones living room, not many is in mood of buying property even after slash of interest rate for home loans from most of the banks. And people started to go for a hard bargain with the builders. It has changed the real state business from “Seller Driven” market to “Customer Driven” Market
As a result of which real estate biggies like DLF has slashed prices about 15 % while the firm hinted that unless the housing market improved, it could resort to “some kind of cutting” of jobs.
Pointing out that the property market had come to a “virtual shutdown”, with sales declining to 10-25 per cent of normal volume, DLF Ltd vice chairman Mr Rajiv Singh said new projects would be offered at cheaper rates. “New project of ours will be competitively priced. As we look and go forward, we expect price levels to come down another 15 per cent if the economic uncertainty continues,” said Mr Singh.

Ref:DeccanChronicle

--Gopi

Wipro to Hire 8000 Freshers

“Delay is better than Never" was the slogan being chanted by most of the 2008 passed out people who got employment offer from Wipro and others who are looking for a job in this gloomy market.
There is A good news for all those aspirants, Wipro is all prepared to hire 8000 employees in this fiscal
According to a reports, Wipro is making around 8,000 campus offers this fiscal year. In an email sent to all freshers seeking jobs in areas such as technical support and off shoring, the IT major has invited applications for 15,000 seats, says the report.

Ref: Indiatimes

--Gopi

Infosys : Slash Non-performers ; Hire 25000 in this Fiscal

Infosys Technologies, India's second largest software exporter is believed to have slashed its on-site employees in the US, according to sources.

In response to a query on this, the company spokesperson said, "We undergo an organization restructuring at periodic intervals, during which a very small number of roles may get redundant due to merger/consolidation at the business unit level. This is a normal process".

Though there is No specific target for Slash, People in bench have already started to feel the heat. When talking about pink slips it doesn't mean the IT giant is on the way to reduce it Human resource because it has already started the process to hire 25000 or more employees in this fiscal year

Ref:TOI

--Gopi