Mahindra Satyam announced that it will not pay salaries to employees in the virtual pool after December 18. The employees under this virtual pool program (VPP) will, however, have the option to stay on the company’s rolls without pay till March 2010. In a recent email to the associates, the Satyam management stated, “We continue [...]
Posts Tagged ‘Salary Cut’
19 Aug
IBM proposes cut in pension for its emoployees.
Series of bad news from IBM for its employees. IBM’s back in news this time for change in its pension policies. IBM is reportedly proposing to close its final salary pension scheme to its current UK and Ireland staff. UNITE, the largest trade union in the UK, has reportedly warned the IT company of ‘backlash’ [...]
11 Aug
EDS employees are getting raw deals from HP (Hewlett-Packard). After one time Salary cut in April for EDS employees, flat 30% pay cut for most of the EDS employees.
Another shock for EDS employees from their new owner HP. Earlier in April, California-based HP instituted a one-month, 10 per cent pay cut for EDS employees in the US and Puerto Rico with salaries in excess of $40,000. During this time, the company had then told the employees that no permanent salary cuts are being [...]
6 Aug
Mindtree cutting salaries for its R&D staff.
Bangalore-based IT firm MindTree said it will cut salary by 15 per cent of about 200 staff in the research and development (R&D) division to reduce costs amid the global economic slowdown. “The utilisation levels had fallen below 60 per cent and hence the decision to cut salary by 15 per cent was taken. This [...]
16 Apr
Infosys cuts variable pay heavily. Cuts up to 58% of Variable Pay or more than 25% of Gross Pay.
Infosys has cut the variable pay for employees, with the cuts being deeper at the higher levels. For senior executives, the variable pay, which constitutes nearly 50 per cent of their total compensation, has been slashed by 58 per cent. Some boardroom executives have even taken a 70 per cent to 85 per cent variable [...]
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