The company detailed its plans in a filing, outlining the formulation, adoption and implementation of the Zomato Employee Stock Option Plan 2024 (ESOP 2024), pending shareholder approval. This plan considers granting 18.26 crore employee stock options to eligible employees, including those in subsidiaries and associated companies.

The company emphasised the importance of ESOPs in cultivating a culture of long-term thinking and innovation, crucial for sustained shareholder value. It further revealed the creation of an additional ESOP pool equivalent to two per cent of the existing share capital on a fully diluted basis, pending shareholder nod.

The company noted that the total ESOP cost for Q4FY24 stood at Rs 161 crore, up from Rs 122 crore in Q3FY24.The increase is attributed to the granting of ESOPs to the Blinkit executive team and senior employees. It clarified that the creation of the new ESOP pool would not directly impact the ESOP charge, emphasising that the charge is a non-cash expense realised only upon granting ESOPs to employees.

Last year in August, Zomato issued employee stock option plans (ESOP) valued at Rs 2.52 crore to certain employees of the company and its subsidiaries. The Board of Zomato lent its approval to the allocation of 2,52,59,179 fully paid-up shares with a face value of one rupee per share.

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As per the new rules LTC Rules [Rule 1(3)&1(4)]:

Subject to the provisions of sub-rule 1(4), will apply to all those employees appointed to civil services and civilian government posts in the Defence Services in connection with the affairs of the Union. The concession will also apply to state government employees who are on deputation with the Central government. Those appointed on a contract basis will also be eligible.

Government employees who are not in whole-time employment will not be eligible for the concession. Those in casual and daily-rated employment are not eligible either. Members of the

Armed Forces, as well as local recruits in Indian missions abroad will not enjoy LTC. Employees of the Central government who enjoy other forms of travel concession (whether during leave or otherwise) will not be eligible for LTC either. Additionally, those paid from contingencies are also not eligible.

Railway employees may avail of the LTC only once in four years, as per CCS(LTC) Rules, 1988, but certain terms and conditions will apply.

As per the the LTC scheme, government employees are allowed to visit their home town or any place in India in a four-year block. Alternatively, they are given the option to avail the concession to travel to their hometown twice in two years, or travel to their hometown once in a one two-year block and visit any other place in the country in the second two-year block.

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The compensation for managing director and executive directors at TCS has two components. While the salary along with benefits, perks and allowances make up the fixed component, there is also a variable component, comprising commissions given on the basis of performance. The variable pay is determined by the IT services company’s financial performance and achievements.

Interestingly, in April 2024, TCS had introduced a new policy tying employees’ quarterly variable pay to their in-office attendance. Now, employees with attendance below 60 per cent will be ineligible for the bonus. This rule was implemented following the company’s decision to require employees to work from the office five days a week.

The net profit of the company went up to Rs 12,434 crore in the March 2024 quarter. For the financial year 2023-24, TCS posted net profit of Rs 45,908 crore, that is, a growth of nine per cent.

The post How compensation for TCS CEO totaled Rs 25.35 crore in 2023-24 appeared first on HR Katha.

It is pertinent to mention here that fringe benefits include benefits such as tuition support, life insurance, end employee discounts, that is, perks that companies grant to their staff members in addition to the normal salary. And such fringe benefits, including bonuses or reimbursements ge benefits such as bonuses or cash reimbursements are likely to be subject to income tax.

While the unions and officers’ associations argued against the rule, the Court maintained that such savings were enjoyed by the employees because of their job and only due to their status of being employees of the establishment/bank. Moreover, these savings/benefits were being enjoyed in addition to the salary they were earning. Therefore, they were definitely a perquisite, which is taxable.

Therefore, the appeals made by the unions and associations that challenged Rule 3(7)(i) of the Income Tax Rules, 1962 and Section 17(2)(viii) of the Income Tax Act, 1961, were dismissed by the Supreme Court.

The post Low-interest loans enjoyed by staff are taxable perks: SC appeared first on HR Katha.

However, sources have revealed a delay in the disbursement of April salaries, citing the funds from a recent rights issue being held in a separate account due to an ongoing dispute with investors.

Legal conflicts with investors at the National Company Law Tribunal (NCLT) led to hearings being postponed until 6 June, impacting Byju’s financial capabilities. Originally, the company intended to utilise the funds from the rights issue to cover operational costs and employee salaries. However, the NCLT’s decision has impeded these plans, exacerbating Byju’s financial challenges.

In early March, Raveendran, founder and CEO, Byju’s, had expressed regret in an internal letter to over 20,000 employees, citing challenges in processing salaries due to capital shortages and the current delay despite available funds. A small group of investors, comprising four individuals out of the 150+ investors, had played a role in preventing the utilisation of the raised funds for employee salaries. As a result, the funds were locked in a separate account as directed by investors. The Bengaluru bench of the National Company Law Tribunal (NCLT) has instructed Byju’s to keep the proceeds from the rights issue in a separate account until the resolution of the case with investors.

With a workforce of around 15,000 employees, Byju’s faces a salary liability ranging between Rs 40 and 50 crore. To address the situation, the company has implemented a new compensation policy, tying sales staff salaries to weekly revenue generation.

This policy, effective from 24 April to 21 May, allocates half of the weekly revenue collection to sales associates, aiming to ensure timely compensation amidst financial constraints.

The post Byju’s may delay April salaries appeared first on HR Katha.

As part of the revision, a one-time ex-gratia payment will also be made to LIC pensioners, which will benefit over 30,000 pensioners and family pensioners.

The wage revision was notified by the Finance Ministry and will benefit over one lakh employees. The notification was issued by the Department of Financial Services (DFS) under the Finance Ministry, with approval from the Election Commission.

Wages for LIC staff are revised at an interval of five years.

Whether this increment in staff expenditure will affect investments and profits margins remains to be seen.

In early February 2024, the employee unions of LIC had dismissed the company’s proposed 14 per cent salary increase. At the time, s statement released by the unions revealed that all LIC unions had declined the given offer from LIC management, deeming it inadequate in recognising the dedication and commitment of LIC employees to the institution.

It is pertinent to mention here that in the third quarter of the current fiscal year (FY24), LIC reported a substantial 49 per cent year-on-year (Y-o-Y) increase in net profit, reaching Rs 9,444.42 crore from Rs 6,334.19 crore. The Value of New Business (VNB) margin, a key profitability metric, rose to 20.01 per cent in the quarter, compared to 14.62 per cent in Q3FY23.

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This ex-gratia payment, equaling 1.5 times the monthly salary, will be paid to the employees along with their salaries for the month of May.

The airline began reporting profits in the third quarter of FY23 when air travel picked up with a vengeance post the pandemic. In the quarter that ended 31 December, Indigo posted a profit of Rs 2,998 crore. This was way more than the Rs 1,423 crore profit it earned during the same time the previous year. The profit after tax margin was 15.4 per cent.

IndiGo has also bought about 30 new aircraft for its fleet, spending about $9 billion on the same.

A month ago, the airline had revealed its intention to add at least one aircraft every week in the 2024-25 financial year. It had also expressed its intention to take on about 6,000 employees and also add ten destinations. Over the next six years, the airline seeks to have a fleet of over 600 aircraft. When it had placed an order for 500 aircraft in 2023, with Airbus, it was said to be the most enormous single aircraft order in aviation history at the time.

The post IndiGo performs well; grants one-time bonus to staff appeared first on HR Katha.

That means, the lowest salary for federal government staff, including those employed in the health, education and security space, will be about $323.97 annually.

The monthly minimum wage is also being revised in consultation with the labour unions. The last revision happened five years ago.

Elsewhere, in Malaysia, civil servants will see their salaries going up by at least 13 per cent amid surging prices and the ringgit losing its strength. This is the highest salary increment till date, and it will cost the country about $2.10 billion. The Malaysian government is looking to ensure that civil servants earn a minimum monthly income of over 2,000 ringgit. This hike will come into effect from December this year.

The last revision of salaries took place 12 years ago, when a hike of 13 per cent was granted.

Never before has the Malaysian government revamped the Public Service Remuneration System so comprehensively. This is said to be the largest wage scheme when it comes to monetary implications for the Government of Malaysia. However, underperformers will neither receive any hikes nor any promotions.

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This was following a petition by Shalini Dharmani, a professor from a government college in Himachal Pradesh, who was not granted leave to take care of her son with special needs. She had no sanctioned leaves left in her kitty as she had used them all up during her son’s treatment. The child had undergone numerous surgeries since birth owing to a genetic disorder.

As per the Court, the petitioner had raised the Rights of Persons with Disabilities Act. It observed that women’s participation in the workforce is a Constitutional requirement and it was the State’s duty to ensure that it is fulfilled and facilitated.

The Chief Justice of India directed that the State of Himachal Pradesh reconsider the grant of CCL to mothers consistent with the RPWD Act for women who are mothers to children with special needs.

A revision of policy on CCL was called for so it was in alignment with the Rights of Persons with Disabilities Act, 2016. In addition to the chief secretary, a committee comprising secretaries of women and child development and the social welfare department of the state has been ordered to make a decision on the issue by 31 July.

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This update follows the company’s decision to require employees to work from the office five days a week, a move implemented months ago.

Under the new policy, employees with 75-85 per cent attendance will receive 75 per cent of their variable pay, while those with 60-75 per cent attendance will only receive 50 per cent.

The policy change was communicated to employees through an update on the internal HR portal. The Times of India was the first to report on this development, revealing that TCS aims for a minimum of 85 per cent attendance to qualify for full quarterly variable pay. Failure to meet this attendance threshold may result in disciplinary measures.

TCS had previously adopted a hybrid work model post-pandemic, which was discontinued on October 1, 2023, in favour of the five-day office workweek.

In February, TCS had notified employees via email that their variable pay would soon be tied to their in-office attendance. Not just that, the company had warned employees of repercussions if they failed to comply with the mandate by March.

For some time now, TCS has been letting employees know how important returning to the office is for teamwork, creativity and building a good collaborative atmosphere. However, some employees are worried that this would disturb the balance between work and personal life, which will ultimately affect their well-being in addition to increasing the cost of commuting.

The post No variable pay to employees with less than 60% attendance: TCS appeared first on HR Katha.

Post approval from NCLT, integration will happen in earnest, covering migration of data, systems transition and so on, to ensure smooth and seamless functioning of the combined airline.

A consultant has been engaged to work with the human resource teams to help integrate the various functions, including back-office, which involves non-flying employees. Work is on to clearly lay out the relationships between various jobs, departments and people in the hierarchy of the merged entity. This activity is expected to be completed by the end of April 2024, as per media reports.

Earlier this month, disgruntled pilots of Vistara had protested the revision of their contracts post the airline’s merger with Air India. The pilots were worried that the revised contracts/salary structure—aimed at ensuring parity between the pilots of the two airlines— will result in reduced payments in terms of the fixed pay component and increased incentives linked to flying. The pilots were assured at the time that they would be paid for the extra hours they worked, and that the amount would be credited to their accounts post conclusion of the merger process.

The post Vistara’s non-flying staff will get clarity about new roles in May-June appeared first on HR Katha.

The stock has grown, thanks to the demand for artificial intelligence (AI). With the demand for Nvidia’s chips surging, the company that works in the area of AI and digital twins to transform the industries of the world, has become the first chip manufacturer to touch a market cap of $2 trillion. It clearly believes in sharing its good fortune with its employees, and is therefore granting its staff a stock boost. It is reported that the company’s revenues in the fourth quarter, in February, were $22 billion, that is, 270 per cent more than the revenues during the same time last year.

As per a report by Business Insider, employees were informed of the grant of additional restricted stock units (RSUs) during their yearly performance reviews earlier this month.

The number of RSUs being granted to each employee will be determined by the share price of the firm. In March, the price closed on an average of about $898. This special grant will vest in equal instalments over a four-year period. The first portion will reportedly vest in September.

Many of the new joinees who have become part of the organisation recently were reportedly granted stock options worth $2,00,000. They will now receive $50,000 additional RSUs. That is not all. The company grants employees annual equity refreshers basis individual performance.

The company is reportedly granting these stocks so that even if the share prices fall at some point in the future, the employees will stand to gain.

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This news coincided with the company’s announcement of its fourth-quarter results on April 12, 2024. TCS reported a net profit of ?12,434 crore, reflecting a year-on-year growth of 9.1 per cent.

Milind Lakkad, chief HR officer, credited the company’s consistent policy of annual increments for the dip in attrition. TCS has a history of rewarding its workforce with annual raises, and this quarter was no different. Notably, top performers received particularly generous hikes exceeding 10 per cent. Lakkad further linked the improved employee morale and a vibrant work environment to these strategic pay increases. He also pointed to a positive response from recent campus recruitment drives, increased client visits to TCS facilities, and a gradual return to office work as contributing factors to the improved morale.

N Ganapathy Subramaniam, chief operating officer and executive director, took the opportunity to highlight the company’s robust performance in Q4. He pointed to a broad spectrum of successful deals secured across various industries and geographies, showcasing TCS’s adaptability and reach. Subramaniam specifically emphasized the contribution of the company’s products and platforms business, citing the recent “mega-deal win” with Aviva as a prime example of its success. He also drew attention to the continued strong showing of emerging markets, which he credited to TCS’s diversified portfolio. This focus on multiple revenue streams positions the company for consistent growth regardless of regional economic fluctuations.

Overall, the news from TCS paints a cautiously optimistic picture. While attrition has shown a slight improvement, the company acknowledges the challenge of retaining talent in a competitive market. However, TCS’s commitment to rewarding top performers, fostering a positive work environment, and its diversified business strategy position it well for continued success in the coming quarters.

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Wilson shared that Air India is in the process of compiling numbers, and the annual appraisal will come in retrospective effect from 1 April 2024.

The company, according to Wilson, is tallying its yearly financial figures and also working on the appraisal cycle. Therefore, he has requested the employees to be a bit patient and wait for the process to be completed.

The official mail also revealed that Air India’s third A350 aircraft has been put into service, along with two new A320s.

The first batch of cadet pilots has been brought on board and the members are readying to begin training at Air India’s partner flying academies in the US in late April 2024.

Air India is undergoing the final phase of the transformation process called Vihaan.AI, which began in 2022. This was the Tata Group’s transformation plan for Air India under which it intended to grow the airline’s fleet and network, and also revamp its customer proposition, ensuring reliability, sustainability and innovation. Last year, as a part of this process, a new roster system had also been put in place which permitted crew to switch flights and even manage their accommodation during layovers. This was a step towards its plans to increase the carrier’s market share to a minimum of 30 per cent in the domestic market, while also increasing international routes.

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The proposal is currently in its preliminary stages, with a final decision expected after the upcoming Lok Sabha elections. Consultancy firm Deloitte is being engaged to develop a framework for implementing ESOPs within PSBs.

As per a report, a government official emphasised that they are awaiting a structured framework from the banks before engaging in further discussions.

This development comes on the heels of a recent 17 per cent salary revision agreement between the Indian Banks’ Association (IBA) and bank employee unions. The revision translates to a collective Rs 12,589 crore expenditure for the 12 PSBs involved.

The rationale behind ESOPs for PSBs stems from the Economic Survey 2020’s recommendation. The Survey highlighted the potential benefits of such a programme, including fostering a sense of ownership among employees and encouraging risk-taking and innovation within PSBs.

PSBs believe that ESOPs will equip them to compete more effectively with private sector lenders in attracting and retaining talent. The current market landscape is characterised by intense competition for skilled professionals in the banking industry.

Experts believe that a well-designed ESOP program could mirror the success observed in the private sector, fostering a more ownership-driven culture within PSBs.

While this is not the first time ESOPs for PSBs have been considered, a 2020 proposal lacked traction. The Indradhanush framework, a 2015 government initiative aimed at PSB transformation, had also recommended ESOPs for top management.

The success of this renewed initiative hinges on a well-defined framework developed by Deloitte in collaboration with PSBs. This framework will need to consider various factors impacting state-run banks and ensure the programme’s effectiveness in achieving its intended goals.

With the government demonstrating renewed interest and PSBs actively seeking a framework, ESOPs for public sector bank employees could soon become a reality. This programme has the potential to enhance talent management, performance, and ultimately, the competitiveness of PSBs in the Indian banking sector.

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Money Control reports that the termination process was sudden and immediate, with one employee, who tried to record the call, being blocked by the HR executive who made the call. He had already been told that that was his last working day, and that his name was on the list of employees to be let go that had been shared by the management. The employees were reportedly not given any reason for the termination, which led to speculations that it could be because of the inability to meet targets or because they belonged to a certain pay band.

The phone calls are being followed up by emails asking the affected employees to hand over all the property that was assigned to them by the company so that their full and final settlement can be processed. This round of layoffs has had maximum impact on the members of the sales team.

It is expected that in this latest round of terminations at least 100 will be affected, and the number may even go up to 500.

Earlier, the processing of salaries in February was delayed multiple times due to the funds raised through the rights issue (special stock sale) being kept in a separate account as per the request of some important investors. The total amounted to approximately $250-$300 million. At the time, Raveendran, founder and CEO, Byju’s, had written to over 20,000 employees, expressing regret and citing challenges in processing salaries due to capital shortages and the delay despite available funds.

Byju’s has let go at least 10,000 employees over a period of two years amidst a funds crunch.

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This is the first ESOP buyback announcement by the company which designs apparel for men. The move is aimed at rewarding employees who have made significant contributions to the organisation’s goals, success and achievements.

While the ESOP programme was launched four years ago, employees who have completed their tenure are eligible for the buyback. This is the company’s way of recognising and rewarding key employees who have helped the company grow, innovate and become successful.

The move will also help to empower its dedicated workforce and foster wealth creation for its members, including senior executive and team leaders at the departmental level. The youngest participant in the buyback process is only 31, which shows how young the workforce is.

The company has witnessed remarkable growth in the last seven years, with a CAGR of 100 per cent and trust index of 88 per cent. It is presently valued at Rs 61,091 crores and has over 22,000 touchpoints across the country including multibrand outlets or MBOs and exclusive brand outlets or EBOs.

A proud Yogesh Kabra, founder and CEO, XYXX , says the ESOP buyback programme “reaffirms my belief in the collective success of Team XYXX and the pivotal role they have played in our growth story.” In his words, “As a new-age, consumer brand start-up, we stand tall with leading fintech, ed-tech and e-commerce brands when it comes to wealth creation options for our workforce.”

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As per EPF regulations, employees are required to contribute 12 per cent of their monthly basic salary with the employers matching the same. In case employees who subscribe to EPF wish to withdraw their PF money to meet medical expenses, they can either withdraw their PF contribution with interest or up to six times their monthly salary, whichever is less. No waiting period or minimum work tenure is required. Therefore, it is a reliable source of finance in tough times. Employees with home loans that are outstanding can also withdraw up to 90 per cent of their PF fund to help repay the loan, provided they have completed at least three years in service. They can withdraw up to 12 times their monthly salary from their PF account for the purpose of renovating their house, provided they complete five years of service.

Meanwhile, the National Pension System will require two-factor authentication for logging in starting 1 April 2024. The same can be authenticated using the OTP received on mobile phones. This is part of the measures taken by the Pension Fund Regulatory and Development Authority or PFDRA, which is the apex body that manages the NPS.

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Effective from 1 April, the company will elevate the average pay for its ‘entry grade’ store assistants in London to £13.15 ($17.20 to $17.50), and £12.15 ($15.90 to $16.20) for those outside the city, as reported by Retail Week.

This pay hike coincides with a fresh array of employee perks, including an improved equal pay scheme for parents on leave for child birth or adoption. Additionally, the company has increased its annual leave to 34 days, and an additional £300 net pay annually toward clothing expenses.

These changes mark Uniqlo’s second wage increase within the past two years, resulting in a significant 29 per cent surge in annual pay for store staff.

The company emphasised that it wishes to show its commitment towards employee wellbeing, as they’re its most valuable assets. By investing in a salary increase and a series of enhanced employee benefits, it hopes to ensure that its staff feel valued and motivated.

As part of its expansion plans, the retailer is also gearing up to unveil its third store on London’s iconic Oxford Street on 18 April 2024. Occupying a 1,300 sqm unit at the One Oxford Street development next to Tottenham Court Road station, this move underscores Uniqlo’s continued growth trajectory in the UK market.

Founded in Japan in 1984, Uniqlo has expanded worldwide, offering a diverse range of casual wear for men, women and children. Uniqlo’s success lies in its emphasis on functional and stylish designs, often incorporating innovative materials and technology to enhance comfort and performance.

The post Uniqlo boosts UK retail staff pay and benefits appeared first on HR Katha.

The mentioned equity shares will have equal standing with the Company’s existing equity shares in every aspect. Additionally, all the shares will be of face value Rs 2 per share.

As a result of this allotment, as of 22 March, 2024, the company’s issued and subscribed share capital has risen to Rs. 45,3266,382, divided into 22,66,33,191 equity shares

Zensar Technologies is a global digital solutions and technology services company headquartered in India, with a presence in over 30 countries. Established in 1991, it offers a wide array of services including software development, digital transformation, cloud computing, cybersecurity, and more to clients across various industries such as manufacturing, retail, healthcare and banking.

With a focus on innovation and customer-centricity, Zensar leverages emerging technologies such as artificial intelligence, machine learning and blockchain to deliver cutting-edge solutions. The company emphasises agility and collaboration, enabling clients to adapt to rapidly- changing market dynamics and stay ahead in the digital age.

Companies increasingly allocate ESOPs to foster a sense of ownership, aligning employees with the company’s growth and success. This helps improve the company’s talent retention, providing a long-term incentive for skilled employees to remain with the organisation. Furthermore, ESOPs attract top-tier talent seeking both financial rewards and a stake in the company’s performance.

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With 69 aircraft in its fleet, and the 70th soon to be added, the airline, which is to be merged with Air India, has flown 50 million passengers last year, and also won a Skytrax award.

The merger of Vistara and Air Indi was announced in November 2022.. The employees of Vistara are already being integrated into Air India. It is hoped that the merged entity —which will be called Air India — will have an edge over competition and also provide improved services. In July 2023, Kannan had reportedly revealed to the media that relevant clearances from regulatory authorities would be processed by April 2024; that Singapore Airlines would have 25.1 per cent stake in the merged airline.

A team was constituted at Vistara to look into the final structure of the merged entity. Of course, the Vistara brand will cease to exist.

Meanwhile, in addition to the merger, Air India is also focused on improving its services through its transformational plan called Vihaan.AI, which spans about five years.

The post Vistara to give one-time special bonus to staff appeared first on HR Katha.

That means, employees will not get their increment amount in one go, but in two parts. Part of the payment will be made in April, while the rest will be given later the same year, most likely October. This move is expected to retain talent across departments and levels. Those who are promoted will continue to be paid their increments, regardless of the tweaked policy.

This compensation review will not affect the allocation of stock options, which will continue as per the norm for the eligible employees, as per media reports. The company also plans to give 100 per cent bonus to its entire worforce in 2024.

Last year, considering the macroeconomic environment, Flipkart had held back increments for one-third of its workforce. Early this year, in January, Flipkart, owned by Walmart, had announced a workforce reduction that it said could lead to a five to seven per cent decrease in its total team. This was announced as part of the company’s annual performance-based job cuts, a practice that has been in place for the past two years. The process was, at the time, anticipated to conclude by March or April, aligning with ongoing performance evaluations and the conclusion of the current fiscal year.

It was reported earlier that the e-commerce company, which had about 22,000 employees (excluding Myntra) in January 2024, had been actively controlling expenses by halting new hires in the last year.

The post Flipkart modifies increment policy; links payouts to merit appeared first on HR Katha.

The move is aimed at ensuring that registered workers are provided this coverage by their employers at the time of issuance of residency permit or renewal of the same, so that they have access to quality healthcare.

The scheme has seen registration by more than 7.2 million workers in the private sector and in the federal government organisations.

This mandate will be strictly enforced starting 1 January, 2025.

The scheme received the nod from the Cabinet of the UAE, to be applicable for not just private-sector workers but also domestic employees and their families who are not covered under any scheme presently. The cost of the coverage will be borne by the employers.

Campaigns to make employers and employees aware of the scheme will be conducted by the Ministry of Human Resources and Emiratisation (MoHRE) so that the same is properly executed.

More than 98 per cent of the workers in the UAE are covered under the Workers’ Protection Programme, which ensures that workers are not left in the lurch when it comes to pending salaries and other dues in the event of their employers going bankrupt.

A coordinating council will also be set up to work towards making the UAE labour market more stable and competitive. This is the Ministry’s way of looking after the workforce and the rights of its members.

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The hike will come into effect on 1 April 2024, as reported by Business Standard.

Though there has been no official announcement by the company, the process of giving increments has almost been completed, as per media reports. Based on performance, the hike could even go up to 12 per cent for some from TCS’ 6.03lakh strong workforce.

In FY24, TCS had granted six to nine per cent increment to employees, while some of the exceptional performers received an increment in the range of 12 to 15 per cent.

The company intends to continue hiring.

In February 2024, the company had insisted that its employees return to office. In fact, TCS had announced that pay raises, promotions, and even variable payouts would be connected to the new requirement for employees to return to the office. The company mentioned that returning to the office is important for teamwork, creativity and building a good collaborative atmosphere. However, some people are worried about how this change may affect their well-being, the balance between work and personal life, and the extra cost of commuting.

Unit heads were instructed to base performance evaluations and subsequent grading, crucial for promotions, on an employee’s track record of physical office presence.

The post Will TCS staff enjoy 7%-8% increment this year? appeared first on HR Katha.

This modification will come into effect from 1 January 2025. Applications renewed from 1 January 2026 will also have to follow the same revised norms.

This qualifying salary will continue to increase as the individual ages, and go up to $10,700 for those in the mid-40s. The objective is to ensure a level of parity for the citizens of Singapore, across age brackets.

The benchmark for the EP qualifying salary is decided on the basis of the top one-third of local PMET1 wages. This ensures high-quality professionals get EP. The qualifying salary to receive EP is assessed every year against the benchmark.

However, the EP-qualifying salary will be higher for the financial services sector, where the wages are higher. It will go up to $6,200 per month from the earlier $5,500. As the individual ages, this will increase to up to $11,800 for a person in their mid-40s.

Additionally, the local qualifying salary or LQS limit is also being hiked by the Singapore government. All organisations that hire foreign professionals will have to ensure that the locals in their workforce are paid at least the LQS, which will go up from $1,400 to $1,600 per month. That means, starting July 2024, a minimum of $1,600 per month will be paid for full-time local workers or at least $10.50 per hour for part-timers.

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However, Airbus offered them a 10.25 per cent increment spread over a three-year contract. The International Association of Machinists and Aerospace Workers, which represents 1,300 workers from the plant did not accept the hike. Over 82 per cent of the members of the union said ‘no’ to the offer as it did little to combat inflation. These union members include mechanics, toolmakers, welders and technicians.

The single-aisle A220 plane has been struggling to increase production and check costs. Its two facilities at Montreal and Alabama hope to become profitable in two years. In the last two years, it has managed to improve production from six aircraft a month, to 14.

With the increment offer being rejected, production may now be affected. The possibility of a strike cannot be ruled out either, as over 98 per cent of the workers are reportedly in favour of calling a strike if Airbus refuses to negotiate and improve its offer.

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Approved by the company’s Nomination & Remuneration Committee on 13 March, 2024, these shares have a nominal value of Rs 2 each. As a result of this allotment, the company’s paid-up equity share capital has risen from Rs 1,14,80,77,950 to Rs 1,14,81,89,150. Uno Minda emphasised that while this allotment is notable, it does not meet the threshold for materiality as defined by regulatory standards.

Furthermore, the company is presently in the process of seeking listing these shares on the NSE and BSE stock exchanges.

Each share was issued at an exercise price of Rs 325 with a premium of Rs 323 per share. According to a media release by the company, a total of 55,600 equity shares were allotted, which includes 27,800 shares provided as bonus shares.

Uno Minda Group, with over six decades of experience, specialises in manufacturing a wide range of components for automobiles. It offers products such as switches, lighting systems, horns, automotive batteries and other electrical components, catering to various vehicle segments including two-wheelers, passenger vehicles, commercial vehicles, and off-road vehicles.

The company has a strong focus on innovation, quality and customer satisfaction. Additionally, the company’s global presence extends across multiple countries, serving both domestic and international markets. Through continuous research and development, it remains committed to providing cutting-edge solutions to the automotive industry.

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The hike has been announced close on the heels of a four per cent hike in DA announced by the Centre for Central government staff, as per the Seventh Pay Commission.

Additionally, Assam government employees who apply for loans under the Pradhan Mantri Surya Ghar scheme (for setting up solar panels), will enjoy the benefit of the government paying one per cent of the interest. This benefit will also be enjoyed by those working for the electricity board. The state government has already assured an additional subsidy (of Rs 15,000 for installing panels of 1KW, Rs 30,000 for 2KW and Rs 45,000 for 3KW) over and above the incentives offered by the Central government. The surplus electricity generated can be sold back to the government.

Chief Minister Himanta Biswa Sarma has also announced that henceforth, all fourth-grade posts in government schools (lower primary schools as well as middle English schools) will go to residents of the villages where the schools are located or locations close by. The candidates to fill these posts will be selected based on merit and other conditions.

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The initiative extends to employees at various levels, from junior executives to senior leadership, who are eligible to voluntarily participate in the programme.

This announcement signifies Meesho’s fourth round of shares buyback, following previous repurchases worth $1 million in February 2020, $5 million in November 2020, and $5.5 million in October 2021.

By facilitating opportunities for wealth generation for nearly 1,700 past and present employees, this initiative underscores Meesho’s commitment to the collective success of its team and their integral role in the company’s growth narrative.

The company highlighted that it has sustained profitability and positive cash flow since July 2023, emphasising its resilience in fostering an environment conducive to growth despite prevailing macroeconomic challenges.

Meesho is an Indian social commerce platform, revolutionising e-commerce by empowering individuals to start their own online businesses with minimal investment. Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho connects suppliers with resellers, predominantly women, enabling them to sell products via social media platforms such as WhatsApp and Facebook.

Through its user-friendly interface and extensive product range, Meesho has democratised entrepreneurship, particularly in smaller towns and rural areas of India.

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These leaves are in addition to the maternity and paternity leaves that employees are already enjoying. That is not all; the B2B platform—which offers embedded supply chain financing and integrated raw material purchase solutions—has set aside funds to offer financial support to employees who opt for any of these procedures.

While most organisations offer insurance-based coverage for family planning, Bizongo offers flexibility and financial support to employees who opt for the same.

This support and coverage is offered to everyone in the workforce, regardless of their marital status, gender identity, or family structure. The company is clearly committed to promoting diversity, equity and inclusion at the workplace.

These benefits are aimed at helping employees effortlessly manage their professional and parenting responsibilities simultaneously.

“At Bizongo, we believe in creating a diverse and inclusive work environment where everyone feels empowered to pursue their personal aspirations alongside their professional goals,” said Sachin Agrawal, CEO and co-founder of Bizongo.

According to him, “The parenthood journey policy aims to educate and empower employees, normalising these procedures and bringing a fresh perspective that aligns with societal progress. We, as a company, want to respect individual choices and promote a positive shift in mindsets regarding these progressive procedures.”

Bizongo recently invited Aditya Tiwari, the youngest man in India to adopt a child with special needs, to share his experiences and insights on the challenges and processes involved in child adoption. The company has also been inviting gynaecologists to address queries that employees have about egg freezing procedures.

Through these initiatives Bizongo, the vendor digitisation platform, is creating a supportive and inclusive workplace for its employees along with a culture that values individual choices and well-being.

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The increment in DA will benefit state-government employees, teachers and pensioners, who together number almost 16 lakh. The hike will be implemented with effect from 1 January 2024.

This increment will cause the DA to be 50 per cent, up from the previous 46 per cent, needless to say the financial pressure on the treasury will also increase. There will be extra expenditure of Rs 2,587.91 crore.

In October 2023, a four per cent hike in DA was announced by the Tamil Nadu government for its employees, teachers and pensioners. At the time, it was revealed that the disbursement of the same would result in an additional cost of over Rs 2,546 crore for the state government, which was already reeling under a funds crisis.

On 5 October, 2023, the Minister of School Education had declared an increase in salaries for 10,359 part-time teachers in Tamil Nadu, raising their pay from Rs 10,000 to Rs 12,500. Additionally, the government had also introduced a medical insurance scheme offering coverage of up to Rs 10 lakh.

Tamil Nadu and Karnataka are not the only states to have recently announced a DA hike. Government employees in Tripura were also granted a five per cent hike in DA, with pensioners also receiving a similar hike in dearness relief or DR.With this, the DA for Tripura government employees has reached 25 per cent.

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This announcement, made by Chief Minister Siddaramaiah, comes ahead of the upcoming Lok Sabha elections and reaffirms the government’s commitment to its employees. The revision represents an annual financial commitment of Rs 1,792.71 crore.

The hike extends to those receiving central pay scales as well, with their DA rising from 46 per cent to 50 per cent. Pensioners will also benefit from this adjustment.

This is the second DA increase for Karnataka government employees in five months. In October 2023, the DA was raised from 35 per cent to 38.75 per cent following pressure from employee unions. These unions had also demanded a salary revision and the implementation of the old pension scheme.

The DA hike is calculated based on the Consumer Price Index for Industrial Workers (CPI-IW) to compensate for rising prices and the increasing cost of living. This move comes amidst similar decisions by the central government, which announced a DA increase to 50 per cent for its employees and pensioners in early March 2024.

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The revised rates, which come into effect on April 1, 2024, translate to a tangible increase for workers. For instance, an employee previously earning Rs 20,000 per month will now see their salary rise to Rs 21,600. Similarly, someone earning Rs 24,563 will see their income climb to Rs 25,791.

This move follows representations from government departments, boards, corporations, and employee unions. While the new rates are applicable for adoption by all Chandigarh administration offices, boards, corporations, and PSUs, individual entities will have the final say on implementing them. Establishments under central, Punjab, and Haryana governments or other offices within Chandigarh will also have the discretion to adopt these revised rates for their employees.

The announcement comes alongside another wage increase for workers in Chandigarh’s organised and unorganised sectors. The UT labour commissioner has also revised minimum wages, applicable under the Minimum Wages Act, 1948, for the period April 1, 2023, to March 31, 2024.

These decisions highlight the Chandigarh administration’s commitment to improving the lives of its workforce, both government-employed and those in the broader economic landscape.

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The move has reportedly been resorted to because there has been no growth in its coaching centres.

The employees have been informed via official e-mails that their salaries have been withheld to make them realise that it is time for them to work extra hard. The mails, however, mention that there is no financial crunch.

In fact, as per a Money Control report, Dinesh Kumar Goel, founder and MD, FIITJEE, stated in the mail that via this move employees are being made to realise that they can only earn their remuneration by doing what is expected of them; that their salary has apparently been withheld so that the employees realise that they have to really put in efforts to earn their salaries.

The employees have been paid only half their salary for January. The remaining will be released based on the teams’ performance and achievements, which would have to align with the firm’s business plans.

With offline education becoming widely accessible and affordable, institutes such as FIITJEE are facing tough times. FIITJEE is known not only for preparing students for the JEE Main and JEE Advanced exams, but also for the Class X and XII boards. It prepares students for junior and senior Olympiads too.

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In a company-wide memo to employees, the Hangzhou-based firm outlined these changes, naming it means of “improving the certainty and liquidity” of compensation. The move, it is hoped, will bolster the morale within its 2,00,000-plus workforce.

Commencing 1 April, employees will receive “long-term cash” in addition to stock options. Notably, the stock options will now vest quarterly instead of the previous annual schedule, as detailed in the memo. Despite an email request for comment, Alibaba representatives have not responded.

This initiative arises against the backdrop of Alibaba’s stock nearing historical lows, diminishing its efficacy as a motivational tool. Once valued at over US$800 billion (RM3.75 trillion), the company has grappled with revitalising its businesses amid regulatory scrutiny and an economic downturn.

Recently, the company implemented various measures, including leadership reshuffles, investments in artificial intelligence, and exploration of non-core asset sales, to reignite growth across multiple divisions, from commerce to the cloud.

Recently, Daraz Group, owned by Alibaba, revealed plans for layoffs throughout the company in order to establish a more efficient and adaptable organisational framework. James Dong, acting CEO, Daraz, communicated this decision in an internal memo addressed to employees.

The memo did not specify how many employees would be affected by the layoffs. However, the memo disclosed that a number of employees will be affected in Bangladesh, Nepal, Pakistan, Myanmar and Sri Lanka.

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Commencing from November 2022, an estimated eight lakh bank employees are poised to enjoy the advantages of this salary increase.

The meticulously-crafted new pay structure integrates Dearness Allowance (DA) linked to 8,088 points and additional load. Notably, female employees will now be entitled to one sick leave day per month without the requirement of a medical certificate. Additionally, accrued privilege leave can be monetised up to 255 days upon retirement or in the unfortunate event of an employee’s demise during service.

Accrued privilege leave is a system where employees accumulate paid leave days based on their length of service, typically granted annually. For instance, an organisation may offer 20 days of privilege leave per year, and if an employee does not use the full entitlement within that year, the remaining days carry over to the next year.

This accumulation continues over time, allowing employees to build up a reserve of leave days. In certain situations, companies may also permit the monetisation of accrued leave, allowing employees to receive a financial payout for their unused leave days, either during their tenure or upon retirement.

For the retired employees, the association has outlined the provision of a monthly ex-gratia amount in addition to the pension or family pension for eligible individuals associated with public-sector banks, including SBI, who are entitled to pension benefits on or before 31 October, 2022.

Additionally, as per the joint statement, all Saturdays will be officially recognised as holidays, contingent upon governmental approval for the revised working hours.

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Full salaries have been paid to about 25 per cent of the employees who are part of the lower-salary categories. The rest of the 75 per cent have been paid partially.

The delay in the processing of salaries for February had happened due to the funds raised through the rights issue (special stock sale) being kept in a separate account as per the request of some important investors. The total amounts to approximately $250-$300 million.

In the first week of March, Raveendran, founder and CEO, Byju’s, had expressed regret in a letter to over 20,000 employees, citing challenges in processing salaries in February due to shortage of funds and the challenges continuing into March even though the funds existed.

A small group of investors —four out of the 150+ investors—had prevented the use of the raised funds to pay employees’salaries. The company had described the actions of these investors as being rather brutal, and had shared that the funds were locked in a separate account as directed by investors.

The partial processing of February salaries has clearly made use of available capital beyond the rights issue.

The Bengaluru bench of the National Company Law Tribunal (NCLT) had instructed Byju’s to keep the proceeds from the rights issue in a separate account until the resolution of the case with investors.

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Class 4 employees who earn a basic salary of Rs 23,000 will see their income rise by Rs 460.

The DA for college, engineering college and medical college teachers, which is presently 17per cent. Judicial officers who are currently getting 38 per cent DA, will now get 46 per cent DA.

The DA for IAS, IPS, IFS and other All India Service officers will see their DA hiked from 42 per cent to 46. There will be a similar increase in dearness relief for those who have retired.

Last week, the Central government employees and pensioners received similar good news with the Union Cabinet’s approval of a four per cent hike in dearness allowance (DA), bringing it to 50 per cent of the basic salary. This increase, effective from 1 January, 2024, benefits over one crore employees and pensioners of the Central government. This increment translates to a Rs 600 raise for an employee with a Rs 15,000 basic salary. This revision will automatically lead to increases in other allowances such as HRA, following the 7th Pay Commission recommendations.

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The announcement, made in March, signifies a continuation of the biannual DA revisions based on the Consumer Price Index – Industrial Workers (CPI-IW). These revisions aim to compensate for inflation and maintain the purchasing power of salaries. In this case, the hike corresponds to a 4 per cent rise in the 12-month average CPI-IW.

The increase translates to a Rs 600 raise for an employee with a Rs 15,000 basic salary. This is because the DA hike directly affects the amount received as dearness allowance, calculated as a percentage of basic pay.

While the Commerce Minister did not confirm if the 50 per cent DA threshold would trigger a merger into basic salary, the revision will automatically lead to increases in other allowances like HRA, following the 7th Pay Commission recommendations. Additionally, employees and pensioners will receive arrears for the first two months of 2024 alongside their revised March payments.

This news is likely to be welcomed by central government employees, particularly in light of rising living costs. The announcement is also expected to prompt similar DA revisions for state government employees.

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This represents a major change from the previous system, where financial performance dominated bonus calculations, accounting for 75 per cent of the total award. The remaining 25 per cent was linked to operational objectives, including – but not limited to – safety and quality.

The new system comes into effect immediately, with this year’s bonuses focusing solely on safety and quality metrics. These metrics will encompass a range of factors, including employee safety, reworked tasks, completed work required for delivery of existing airplanes, and overall adherence to quality standards.

In a webcast to employees, Boeing COO Stephanie Pope emphasised the importance of aligning incentives with the company’s core values. “It’s very, very important to drive the outcomes that we’re all committed to, and that’s to deliver a safe and quality product to our customer,” she stated.

This announcement signifies a clear attempt by Boeing to prioritise safety and regain public trust after a series of incidents that raised concerns about the company’s manufacturing and quality control processes. By directly linking employee compensation to safety performance, Boeing hopes to incentivise a cultural shift that prioritises the well-being of passengers and the integrity of its aircraft.

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As per the company’s statement, the opportunity will be available to those team members who have dedicated over four years across various roles and business verticals. Furthermore, they will be eligible to encash 20 per cent of their vested shares.

Speaking about the initiative, Abhishek Kumar, co-founder, MyGate, expressed, “We are in the strongest financial position with revenues growing quarter on quarter with much lower expenses. We achieved cash breakeven in Nov ’23 and are well capitalised to fund our future growth. This initiative is a small gesture of gratitude to those who spent substantial years with us and helped us reach this stature.”

According to the company’s annual financial statements filed with the Registrar of Companies, MyGate’s revenue from operations surged by 77.3 per cent to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22. This remarkable growth of 8.4 times compared to FY21 results underscores the company’s success. MyGate achieved cash breakeven in November 2023.

Established in 2016 by Vijay Arisetty, Abhishek Kumar and Shreyans Daga, MyGate focuses on enhancing living experiences within gated communities. With its solution adopted by over 25,000 communities and four million families, the platform manages over a billion visitor entries, processes payments of Rs.3,000 crore in society dues, handles six million help desk tickets, and facilitates two million amenities bookings, annually.

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The severity of the penalties for defaulting employers depends on the duration of the missed contributions. According to the EPFO, employers who fail to contribute for less than two months will be liable to pay a penalty of 5 per cent per annum on the total contribution amount. The penalty increases to 10 per cent per annum for defaults between two and four months.

For more significant delays, employers face even steeper penalties. Employers who miss contributions for more than four months but less than six months are liable to pay a 15 per cent per annum penalty, while those exceeding six months face a 25 per cent per annum penalty. Additionally, employers are obligated to pay damages capped at 100 per cent of the outstanding amount, along with simple interest at 12 per cent per annum on the entire outstanding amount for the entire period of default.

The EPFO urged employers to ensure timely payment of PF contributions to avoid incurring these penalties and emphasised the importance of complying with their legal obligations towards their employees. This reminder serves as a crucial message for employers to prioritise their employees’ social security and adhere to the regulations established by the EPFO.

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This increment will benefit 1,06,932 employees and 82,000 state pensioners. However, the pressure on the government exchequer, due to this move, will increase by Rs 500 crore, as was conveyed by Chief Minister Manik Saha when he announced the additional hike on the social-media platform, X.

Recently, the Gujarat government also increased the dearness allowance for the around 4,45,000 employees of the state government and the dearness relief for about 4,63,000 pensioners by four per cent. That means, instead of 42 per cent, DA and DR will now be 46 per cent. The Government of Gujarat will also be contributing more to the National Pension Scheme (NPS) for employees. That is not all; it will now calculate LTC cash conversion for 10 cumulated leaves based on the revised pay scale of the 7th Pay Commission. Earlier, this calculation was based on the 6th Pay Commission pay scale.

Last month, that is, February 2024, the West Bengal government announced a four per cent increase in DA for state-government employees, raising their DA from 10 per cent to 14 per cent, effective May 2024. This financial boost aligns with the budget announcement in the state assembly.

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According to Justice Hanchate Sanjeevkumar, legit deductions are only those made towards income tax and professional tax. These are the compulsory deductions that can be made. However, provident fund contributions, house rent recovery, furniture recovery, and similar amounts cannot be called legitimate deductions, and therefore, cannot be cut from the maintenance amount paid to an ex-wife or daughter.

The petition was filed by a manager of the State Bank of India who challenged the family court’s order that granted maintenance of Rs.15,000 to his wife and Rs.10,000 to his daughter under section 125 CrPC.

His argument was that even though his salary is almost a lakh per month, his take-home pay wasn’t very high owing to the various amounts deducted. Therefore, it was difficult for him to pay the very high maintenance to his wife. The Court, however, observed that the deductions made from the man’s salary, towards provident fund, furniture recovery, house rent recovery, festival advance, LIC premium or loans that the husband himself has taken, bring benefit only to him. Therefore, these deductions cannot and should not affect the maintenance amount payable to the wife and child, as reported by Live Law.

The Court rejected his petition saying a ruling in his favour will only encourage other men to cook up artificial deductions in an endeavour to reduce the payment to their former wives.

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Thanks to what is being called poor management of finances and lack of competence on the part of the state government, even social-security pensions have not been disbursed for the past six months. Employees have not yet received their dearness allowance or their salary-revision arrears.

The payment delays have put over 50 lakh people to inconvenience, as along with current employees, even pensioners and their dependents are suffering. This is expected to affect spending and cause a market crisis. The rising prices are only adding to the woes of the public.

Meanwhile, the state government claims that a technical glitch is responsible for the payment delays. Once that is rectified, money will automatically go to the respective individual accounts. Those who directly receive their salaries from the treasury have received their dues, those who receive the salary in their bank account which is linked to the treasury account are unable to get their money.

There are rumours that the technical glitch has been planned with the intention of delaying payments so that funds can be conserved.

Public-sector units have been asked to deposit their profits into the treasury to help tide over the crisis.

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As per the revised scheme, the employees who joined post 1 November 2005 can opt to receive 50 per cent of their last-drawn salary and dearness allowance (DA) as pension. Additionally, they can get a family pension of 60 per cent of their pension and DA. This is optional for those already covered under the NPS.

Employees have to decide whether they wish to continue with the old NPs or the revised one and convey their decision within the next six months. This is a one-time option.

The NPS was implemented in Maharashtra in April 2015.

The Maharashtra government had issued an order in early February 2024 regarding the old pension scheme (OPS) for 26,000 state government staff members who joined before November 2005.

At present, over eight lakh employees of the more than 13 lakh government employees in the state are covered under the NPS. The state government’s expenditure on OPS is about Rs 52,000 crore a year. The expenditure under NPS, on the other hand, is only about Rs 7,000 crore. The total spend on salaries is about Rs 1.27 lakh annually.

Considering what a huge pressure on finances the OPS created, it was brought to the notice of the government that reinstatement of OPS would not be a good idea. Instead, it was suggested that the current scheme should be tweaked so that retired government employees enjoy benefits at par with the OPS. The suggestion was made by a special committee constituted for this very purpose.

Earlier, retired government employees were eligible for 50 per cent of their last drawn salaries as pension. When the NPS came to replace the OPS, they received 60 per cent lump sum post retirement and also 40 per cent which was invested in annuities as pension. While government employees were not required to make any contribution towards the pension scheme under the OPS, the NPS requires them to contribute 10 per cent of their salary (that is, a sum of their basic salary and DA), while the government makes a 14per cent contribution.

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Till now, the state government was contributing 10 per cent towards NPS. Henceforth, it will contribute 14 per cent. The employees will have to put in 10 per cent.

The four per cent increment in DA and DR will come into effect from 1 July 2023. That means, the arrears for the July to February period will also be given to the employees.

The arrears for the eight months from July 2023, will be paid to the employees and pensioners in three instalments, along with their salaries.

Along with the salary for March 2024, the employees will get the arrear amount for the July to September 2023 period. The arrears for October to December 2023 will be paid with the April salary. The DA and DR for January and February 2023 will be paid along with the May salary.

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The power shortage was due to low rainfall. As a result, the UT administration has had to spend more than Rs 31,000 crore annually to buy electricity from the Northern Grid to fulfil its needs and to strengthen local supply. Overdue bills have only added to the administration’s woes.

To get its message across, KPDCL has posted on X seeking the support of the deputy commissioners. It has followed up this post with another one addressed to government employees asking them to clear all pending electricity bills.

Starting February, all government employees will have to produce receipts proving they have paid the electricity bill in order to receive their salaries.

In certain districts, such as Anantnag, the instruction has already been communicated to the government employees via a formal circular saying that the district treasury officer will only pass salary bills for February 2024 after receiving a certificate from the district disbursing office regarding bill clearance. The deputy commissioner has taken this opportunity to make the government employees aware of the need to clear pending electricity and water bills to avoid power cuts in the chill of winters.

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Like the Employees’ Provident Fund Organisation (EPFO), the Employees’ State Insurance Corporation is one of the main statutory social security bodies under the ownership of the Ministry of Labour and Employment, Government of India.

The report by ESIC reveals that about 23,347 new establishments have been registered under ESIC. That means more workers have now been covered and brought under the social security umbrella of ESIC.

This also means that more jobs have been created for the youth of India. There is data available to endorse this. Of the total 18.86 lakh employees added, 8.83 lakh employees, that is a good 47 per cent of the total registrations, comprise those that are 25 years of age or below.

Net enrolment of women has been 3.59 lakh in December, as revealed by the payroll data. About 47 transgender employees have also registered under ESI Scheme December, 2023. Clearly, every section of the society is being served and ESIC is upholding its commitment to equity and inclusion.

The promulgation of Employees’ State Insurance Act, 1948(ESI Act), by the Parliament was the first major legislation on social security for workers in independent India. The scheme was inaugurated in Kanpur on 24th February 1952 (ESIC Day) by then Prime Minister Pandit Jawahar Lal Nehru.

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Classplus, the six-year old Indian B2B edtech startup has announced an Employee Stock Ownership Plan (ESOP) buyback. The offer will give a chance to more than 150 employees to sell their shares back to the company and create wealth. This is the second buyback Classplus is announcing in three years.

The mobile-first SaaS platform that helps educators and content creators launch and scale their online coaching businesses, is probably the first in the edtech space to announce a buyback in recent times.

According to Mukul Rustagi, co-founder and CEO, Classplus, the platform was started “with the goal of creating value for everyone involved with us, right from our customers, to our team and investors”, and therefore, he feels “it is truly gratifying to see that vision come to fruition.” Considering that the youngest member of the team to benefit from this is only 23, and the average age of the eligible employees is 28, this goal is being met.

Rustagi and Bhaswat Agarwal launched the platform in 2018 to help their clients with content monetisation. It has helped digitise creators across over 3,000 cities and coach over 50 million students. Classplus creators have conducted 1.5 million live classes in the last one year alone, and have managed to multiply their earnings at least five fold by widening their reach in terms of students.

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