Friday, June 12, 2009

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Satyam to put 10,000 staff on 'virtual pool'

The virtual pool programme, would be applicable for Satyam's associates working in India.

The Satyam Computers board that met on Thursday in Hyderabad cleared the proposal for implementing the virtual pool programme to send close to 10,000 employees on a sabbatical.

The beleaguered firm's associates will be allowed to take home only part of their salary. However, in addition to their salary, they will be eligible for Provident Fund and Medical Insurance for a period of six months.

Employees will contuinue to have access and guidance to upgrade their skills in Satyam's learning programs.This is a one-time program that is aimed at addressing staff costs while retaining talent within the company, a statement issued by the company said.

"The virtual pool is an innovative way of retaining the excellent human assets of Satyam despite the difficult global situation. The recessionary climate that has seriously affected the IT industry, in addition to the unprecedented set of events that Satyam faced recently, has added to its associates.

The virtual pool is a unique way of retaining associates and developing them further through trainin, while ensuring the financial viability of the company, said Kiran Karnik, a board member.

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