New IT jobs down by 25% in India

December 30, 2008

willcodeforfoodThere is more bad news for job seekers. A study by Naukri.com, states that the Overall Job Index in October 2008 is 781 as compared to 1000 in July 2008 indicating a decline of almost 21.9 per cent.

Historically, there is a seasonal decline in October which is around 10 per cent as recruitment slows down due to the festive season. The index suggests that companies are scaling back their recruitment plans due to the global financial crisis.

The IT sector has been hit badly by the slowdown. Both the software and hardware sectors have witnessed a dip in new jobs by almost 25 per cent since July this year

IT loses, but BPOs gain

Banking and financial services have seen a decline of over 32 per cent in October, while construction and engineering have seen a decline in new jobs by almost 22 per cent since July 2008.

The pharma industry has been comparatively less affected with a fall in the index of less than 15 per cent. Niche sectors like government and legal have seen an increase in new jobs.

Hiring dips in metros

The metros saw a dip in the supply of new jobs. Besides the slowdown, Diwali and Dussehra impact hiring to a considerable extent.

Metros that generate jobs saw a decline in new jobs to the tune of 16 per cent in comparison to the usual 10 per cent in earlier festive seasons. In the Delhi-NCR region, new jobs fell sharply after maintaining stability in August and September.

The job index for Delhi fell from 1000 to 786. Mumbai witnessed a higher setback in the month of Oct as compared to September and August, the job index fell from 1000 to 715 in October 2008 as compared to July 2008.


Bangalore, the IT hotspot, has lost new jobs since July, especially in August which saw a decline of close to 20 per cent as compared to September.

Worst-hit cities

Chennai saw a marginal increase in new job creation during September, however October saw a fall to the tune of 10 per cent.

Hyderabad and Pune bore the brunt of the slowdown, especially in the IT sector, and witnessed a decline of over 15 per cent in new jobs during October.

Jobs in Kolkata were severely affected with October alone witnessing a decline in new jobs by over 32 per cent. Chandigarh saw a slowdown in hiring to the tune of 35 per cent since July due to a slowdown in the IT sector.

Govt jobs rise

The banking industry shows a slowdown in hiring in the month of October.

Legal and government jobs saw an increase over the period of August, September and October 2008.

Over the past three months, real estate, banking, finance, IT and retailing show a decline; while telecom, pharma and hospitality emerge as attractive options. Some niche sectors, like government, defence and legal sectors have gained attractiveness in recent months.

Source: Rediff

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New year Party and what about morning next

December 29, 2008

hangoverIT’S all very well to ring in the New Year with more than your quota of bubbly but what about the morning after?

SOME MORE HANGOVER-BUSTERS

  • HOPEFULLY! Don’t go to bed immediately after you’ve finished drinking. Your metabolism slows down when you are asleep, so staying awake will help to process the alcohol in your body

  • Try to limit yourself to one drink an hour and don’t mix drinks.

  • Try to take sips of your drink instead of big gulps. You want to give your body the best chance of processing the alcohol

  • Have breakfast — the optimal breakfast is a small cup of milk, eggs and toast

  • Take an aspirin if headaches persist, but do not take more than two

  • Have Vitamin B as a supplement or one piece of banana and stay clear of sweets

Source:  Times Of India


Income Tax Calculation on Annual Salary

December 23, 2008

Q. Do you know how to calculate Income Tax on your annul salary?

Well most of us will answer to this question YES, but still thought of writing again on this.

India Income Tax slab changes summary –

Changes to income tax slabs in this budget from previous budget are

  • Income tax threshold in India has been raised to Rs. 1.5 lakhs from the existing 1.1 lakhs. This will give a relief of Rs. 4000.00 for each Indian tax payer.
  • For women there is no tax for income below Rs 1.80 lakh
  • Senior citizens need not pay tax for income below Rs 2.25 lakh.
  • Tax rates are also changed for different tax slabs.

India Income tax slabs 2008-2009 for Men

Income tax slab (in Rs.)

Tax

0 to 1,50,000

No tax

1,50,000 to 3,00,000

10%

3,00,000 to 5,00,000

20%

Above 5,00,000

30%

India Income tax slabs 2008-2009 for women

Income tax slab(in Rs.)

Tax

0 to 1,80,000

No tax

1,80,000 to 3,00,000

10%

3,00,000 to 5,00,000

20%

Above 5,00,000

30%

India Income tax slabs 2008-2009 for Senior citizen

Income tax slab(in Rs.)

Tax

0 to 2,25,000

No tax

2,25,000 to 3,00,000

10%

3,00,000 to 5,00,000

20%

Above 5,00,000

30%

A quick income tax calculator for the latest income tax slabs

Use the above income tax slab tables along with this free Quick Income tax calculator to calculate your income tax. The quick calculator also calculates your income tax based on previous years income tax slabs and tells you how much tax you saved.


PhRMA releases new direct-to-consumer (DTC) advertising guidelines

December 17, 2008

Five months after updating its Code on Interactions with Healthcare Professionals, the Pharmaceutical Research and Manufacturers of America (PhRMA) released updated guidelines for direct-to-consumer (DTC) advertising.

PhRMA’s Guiding Principles on Direct to Consumer Advertisements about Prescription Medicines, which originally went into effect in January 2006, provide guidance to pharmaceutical research and biotechnology companies on ways to ensure DTC communications provide accurate, accessible, and useful information to patients and consumers.

Click here to read more.


Why Indian BPOs will keep booming

December 17, 2008

In recent months articles in The Wall Street Journal and Forbes.com have postulated that outsourcing information technology work to India was losing appeal.

They said that high employee turnover in Indian outsourcing companies and rapid growth had reduced work quality and upset Western customers.

1. Faced with high turnover, rising salaries, and a weak public education system, top Indian companies started investing heavily in workforce education and development.

As a result, since 2000, Indian industry made dramatic improvements in the education levels, productivity, and quality of its technical workforce. These companies retrained tens of thousands of low-level IT workers in advanced product design and development techniques to give them more valuable skill sets required to crack higher-value service offerings and fill managerial ranks.

These investments have started paying huge dividends. A few years ago, the Indian IT industry relied on experienced managers returning home from the West to fill mid- and high-level management ranks. Now, Indian HR managers say that they prefer to hire local talent rather than returnees.

2. Attrition rates have been remarkably low and are dropping.

This is also related to investment in workforce education and development. As Indian IT companies have focused on keeping employees happy and promoting from within, turnover rates at top Indian outsourcing companies have been stable or dropping over the last few years.

3. Rising salaries in Indian IT shops are no longer a problem.

The global downturn and concerns about job growth on the part of applicants have actually allowed Indian IT outsourcing companies to offer lower salaries for new recruits and to limit increases for employees. Plus, the rupee has dropped 25%.

This allows Indian IT companies to provide 25% more services for the same price in U.S. dollars. At the same time, real estate and other business costs have dropped. Keep in mind, these companies were highly profitable even before the rupee’s decline. Now they have become much more competitive.

4. Faced with brutal cost-control pressures caused by the global economic downturn, many companies are more desperate to outsource than ever before.

Pramod Bhasin, CEO of India’s largest business process outsourcing firm, Genpact, says that his customers are increasingly asking him to recommend what business functions they should outsource.

They are desperate to achieve the 30%-40% cost savings he says his company can offer them. Equally important is the rapid growth in higher-value work being done by Indian outsourcers as companies from the developed world increasingly move offshore tasks that were once considered untouchable core competencies.

As a result of this shift, India is becoming a global R&D hub in industries as diverse as aerospace, automobiles, and pharmaceuticals.

5. There has always been a trickle of highly skilled workers returning from the U.S. and Europe to their home countries for family reasons and because they felt homesick.

Flawed immigration policies in the U.S., have however created a situation in which there are over a million skilled immigrants and their families in line for a yearly allocation of 120,000 permanent resident visas. There is also a per country limit of less than 10,000 visas.

With over 350,000 Indians in the backlog, they are increasingly getting frustrated and returning home. All of the Indian company HR directors and CEOs I have spoken to say that they are flooded with rsums from Indians currently working in the West. They are able to cherry-pick those with the best skills.

6. India has been dramatically increasing the output of its engineering colleges, and now quality is improving.

In 2004, the country graduated just around 125,000 engineers with bachelor’s degrees. In 2007, this number had doubled and will double again by 2011. I have always been skeptical about the quality of Indian engineering education.

Source: Rediff


How India’s IT giants are cutting costs

December 12, 2008


Indian IT companies are becoming more innovative in terms of cutting costs and, interestingly, they are now seeking ideas from their employees!

While multi-national companies are on a job-cutting spree, the mantra for Indian companies is ‘cut costs’. From cutting down on snacks, travel, telephone bills, power, stationery bills and even tissue rolls in rest rooms, the going gets tougher for IT

Infosys

Infosys has asked every employee to save $10 dollar each. This would result into a total savings of about $1 million for the company, says S ‘Kris’ Gopalakrishnan, chief executive officer, Infosys.

The company has set up a portal for employees to send ideas on how to cut costs. The move seems to have worked with the company getting over 1,000 ideas in this direction.

Infosys has also offered a sabbatical to employees who have completed two years in service. Employees will get 50 per cent of their salary during the sabbatical. They also have an option of working with NGOs.

“We will have to look at controlling our costs and expenses, making sure that we run an optimised business. We will have to look at what are the things we need to do in order to prepare ourselves for the recovery,” Gopalakrishnan said.

Infosys will freeze recruitment after meeting this fiscal year’s target of hiring 25,000 employees, he said. Infosys hired 16,000-17,000 employees in the first half of the fiscal year.

Infosys has over 100,000 employees.

Tata Consultancy Services

No sabbatical or social work for employees, says TCS. But the company is serious about cutting down on travel, power, communications, and raising employee productivity.

“We are reviewing all our capital expenditure plans. This includes technology acquisition, infrastructure development, and even travel and power expenses,” S Ramadorai, chief executive officer, TCS said.

TCS is planning lower salaries and stricter appraisal norms next year. Many IT firms are calling employees back to India instead of sending them abroad on different projects. This works out to be cheaper for the companies.

TCS has total staff strength of 120,000.

Wipro

Cost-cutting measures at Wipro took an ugly turn with students from engineering colleges protesting against Wipro’s move to employ engineers at the business process outsourcing (BPO) unit at half the salary they had been offered initially.

However, Wipro has now agreed not to change the salary package for those who are asked to join Wipro BPO.

Wipro employs over 95,000 employees.

Satyam

Satyam Computer Services is following in Infosys’s footsteps. It plans a sabbatical for its employees.

Satyam staff may also be given the option of taking up corporate social responsibility activities, at a lower salary. The company may also look at cutting down perks. The company will take a final call on cost-cutting measures after the third quarter results.

Satyam currently employs 52,865 people.

Source: Rediff


This is the best time to buy a car! check out the prices

December 12, 2008

Car sales have plunged in India in the wake of the economic slowdown. In a bid to revive the auto sector, the government has cut the central value-added tax (Cenvat) by 4 per cent, making cars across the board much cheaper.

All car manufacturers — Maruti, General Motors, Ford, Skoda, Hyundai, Tata Motors, Honda Siel, Toyota Kirloskar, Hindustan Motors, Mahindra & Mahindra and General Motors — have cut prices from Rs 7,000 to Rs 60,000 on all models.

And if you are planning to take an auto loan, here’s some good news, some of the PSU banks — like Punjab National Bank and Canara Bank — have already cut loan rates. Others banks are likely to offer lower rates soon.

Maruti Suzuki India

Maruti Suzuki India has cut prices for a11 car models. The excise duty cut, combined with the discounts that the dealers offer, is a bonanza for customers.

Maruti 800 will be cheaper now by Rs 6,593 to Rs 7,516. Maruti 800 (with AC) will cost Rs 2,39,000. The non-AC model will cost Rs 2, 23,000.

Alto: Price cut by Rs 8,028-Rs 9,814. Dealers are offering a discount of Rs 12,000 on Alto. The Alto Lxi model is now available for Rs 3, 07,000.

Zen Estilo: Cheaper by Rs 11,849 and Rs 12,747. Dealer discount on Zen Estillo is Rs 30,000. So Zen is now priced at Rs 3,55,000.

WagonR: Cheaper by Rs 11,167-Rs 12,793, besides this dealers are offering a Rs 30,000 to Rs 35,000 discount on WagonR. WagonR LX model is now priced at Rs 3,27,000. The LXi model will be available at Rs 3,88,000 and the VXi model will be available for Rs 3,82,000. (All are on road prices)

A-Star: Cheaper by Rs 12,156-Rs 14,392.

Swift will now be cheaper by Rs 12,458-Rs 17,868 across petrol and diesel variants. However, there is no dealer discount on Swift.

DZiRE prices will come down by by Rs 14,699-Rs 21,784 across petrol and diesel variants.

SX4 will see a price cut between Rs 19,752 and Rs 23,187.

Gypsy: Cheaper by Rs 16,326-Rs 16,989

Versa: Cheaper by Rs 11,605 and Rs 15,193

Tata Motors

Tata Motors has cut prices from Rs 25,000 to Rs 66,000 across all models.

Indica Xeta will be now available at Rs 3,11,000 (on the road price)after a discount of Rs 30,000.

Indica DLX will be available at Rs 3,82,000 (on the road price) after a discount of Rs 25,000.

Safari will be cheaper by Rs 25,000.

Indigo prices will be cheaper by Rs 11,000 to 15,000 after the excise duty cut.

Light Commercial Vehicles: Cheaper by Rs 17,000 to Rs 23,000.

Sumo Grande will be cheaper by Rs 66,000.

Medium & Heavy Commercial Vehicles: Cheaper by Rs 30,000 to Rs 60,000

Hyundai Motors

Hyundai Motor India announced a price cut for all its models by up to Rs 44,792.

Hyundai Santro will be cheaper by Rs 8,834 and Rs 12,492. The Santro petrol GLS will now be available for Rs 3,36,543 and Rs 3,79,188 (on the road), Santro GLM is at Rs 3,40,178(and Rs 3,83,180(on the road).

The Getz would be cheaper by Rs 13,413-Rs 19,422 across different variants. The Getz GLS wil cost Rs 4,71,728 5,28,703 (on the road). The Getz GLX wil cost Rs 5,66,756 (on the road). The Getz GVS CRDi will cost Rs 6,34,543(on the road)

Accent: Cheaper by Rs 15,540. The Accent GLE price is at Rs 5,70,406.

i10 model: Cheaper by up to Rs 18,381. The i10 D-Lite (S) is now priced at Rs 3,84,914 (on the road). The i10 D-Lite (M) is priced at Rs 3,88,931(on the road). The i10 Era (S) is now available at Rs 4,24,587 (on the road).

Verna: Price cut between Rs 19,625 and Rs 26,174
Sonata: Cheaper between Rs 38,006 and Rs 44,792.

The price of sports utility vehicle Tucson will not be cut as it is imported as a completely built unit.

Dealars are offering a discount of Rs 13,000 on the Santro GLS model. Insurance will be free for one year on Santro and Getz models.

Source: Rediff