The proposed multi-year contract between TCS and the UK government for administering its employment savings trust has evoked adverse comments from some British websites, one of which even suggested the deal could be reviewed if there is a change of guard in the government after the May elections.
The British's Personal Accounts Delivery Authority (PADA) earlier this month had said it would sign a contract with Tata Consultancy Services to administer the National Employment Savings Trust (NEST).
The Personal Accounts Delivery Authority is a non-departmental public body in Britain.
According to the website www.moneymarketing.co.uk, the Conservatives have attacked the decision to sign the contract for NEST administration before the general elections.
The website quoted Conservative's shadow pensions minister Nigel Waterson as saying, "He is amazed that contract would be signed so quickly and stressed that this would not inhibit a Tory review of the scheme if they get into power.”
"We wish to make it clear that our review of NEST, should we win the elections, will not be constrained in any way by any contract signed by this government in its dying days," Waterson was quoted as saying in the report.
Source: EconomicTimes
Wednesday, March 17, 2010
IT market, new openings
MphasiS set to offer increments
Software services company MphasiS will roll out a salary increment for its 35,000-employees from May 1 this year, CEO Ganesh Ayyar told mediapersons at Pune. The company recently started a 2,000-seater global command and control centre in Pune for its remote infrastructure monitoring business vertical. The centre currently houses 600 technical staff supporting 450 clients worldwide.
While most companies had cut salaries in the slowdown time, MphasiS had retained them, linking the variable portion to the company’s performance as bonus. Mr Ayyar said: “Though this did give more money to the employees, most are still comfortable with the traditional increments, which is why we have decided to effect the hike,” adding that it had no relation to the revival of the economy.
While most companies had cut salaries in the slowdown time, MphasiS had retained them, linking the variable portion to the company’s performance as bonus. Mr Ayyar said: “Though this did give more money to the employees, most are still comfortable with the traditional increments, which is why we have decided to effect the hike,” adding that it had no relation to the revival of the economy.
TCS
High UK exposure may pose risk for TCS
With the UK government's contracts worth over $1 billion in the pipeline, Tata Consultancy Services (TCS) is exposed to substantial risks of project delays and anti-offshoring sentiments, according to local experts and rivals. Such projects also bring along single-digit margins and could impact profitability, unless there is significant work delivered from offshore.
Last week, the UK Personal Accounts Delivery said it decided to award a deal estimated at рде्600 million to TCS to administer the National Employee Savings Trust (NEST) scheme, a pensions scheme, for a 10-year-period in two phases. The decision has attracted sharp criticism from the Conservative party, which is opposing the decision taken close to the general elections.
Read full story on EconomicTimes
Last week, the UK Personal Accounts Delivery said it decided to award a deal estimated at рде्600 million to TCS to administer the National Employee Savings Trust (NEST) scheme, a pensions scheme, for a 10-year-period in two phases. The decision has attracted sharp criticism from the Conservative party, which is opposing the decision taken close to the general elections.
Read full story on EconomicTimes
IT market, new openings
ITC Infotech looks to hire over 1,800 people by March 2011
IT services and solutions firm ITC Infotech is looking to hire over 1,800 employees by March next year in its various offices across the country.
"We are looking to ramp up our headcount by more than 50 per cent to 5,000 employees by March next year," ITC Infotech HR head Anand Talwar told PTI.
The Bangalore-based company's current employee strength is 3,200 across its offices in various cities, including Bangalore, Kolkata and Hyderabad.
"We are looking to ramp up our headcount by more than 50 per cent to 5,000 employees by March next year," ITC Infotech HR head Anand Talwar told PTI.
The Bangalore-based company's current employee strength is 3,200 across its offices in various cities, including Bangalore, Kolkata and Hyderabad.
CTS, IT market
Cognizant announces bonuses, number touches 200 pc for top performers
Cognizant has announced bonuses for its employees globally for the calendar year 2009, seeking to reward employees after it posted strong growth in a difficult year.
The Nasdaq-listed company,which competes with TCS, Infosys and Wipro, confirmed the bonus payout but did not give out figures. However, people close to the situation told ET Now that the top performers got as much as 200% bonus, a number which is unprecedented in recent years, when IT companies felt the brunt of the recession in their major markets. They also added that a vast majority of employees got bonuses between 150-200%.
Cognizant’s performance-linked incentives are tied to the variable part of the compensation, which is about 10-15 percent at junior levels and goes to as high as 40 percent of the total compensation at senior levels.
The Nasdaq-listed company,which competes with TCS, Infosys and Wipro, confirmed the bonus payout but did not give out figures. However, people close to the situation told ET Now that the top performers got as much as 200% bonus, a number which is unprecedented in recent years, when IT companies felt the brunt of the recession in their major markets. They also added that a vast majority of employees got bonuses between 150-200%.
Cognizant’s performance-linked incentives are tied to the variable part of the compensation, which is about 10-15 percent at junior levels and goes to as high as 40 percent of the total compensation at senior levels.
IT market
Facebook beats Google once again!
Facebook has reportedly surpassed Google to become the most visited Web site in the US for the entire last week for the first time, according to the research firm Hitwise.
This is for the first time that Facebook beat Google for an entire week at a stretch. Before this, the social network took the top spot on a few US National holidays like Christmas Eve, Christmas Day, New Year's Day and the weekend of March 6th and 7th this year, which was the long Presidents Day weekend.
According to Hitwise, Facebook's visits increased 185 percent past week compared to the same week in 2009, while visits to Google increased 9 percent during the same time frame.
Analytics company comScore reported that Facebook search queries in the US grew by 10 percent in February to 436 million, up by 85 million over December's 351 million searches.
Facebook currently has more than 400 million active users. Together Facebook and Google accounted for 14% of all US Internet visits last week.
This is for the first time that Facebook beat Google for an entire week at a stretch. Before this, the social network took the top spot on a few US National holidays like Christmas Eve, Christmas Day, New Year's Day and the weekend of March 6th and 7th this year, which was the long Presidents Day weekend.
According to Hitwise, Facebook's visits increased 185 percent past week compared to the same week in 2009, while visits to Google increased 9 percent during the same time frame.
Analytics company comScore reported that Facebook search queries in the US grew by 10 percent in February to 436 million, up by 85 million over December's 351 million searches.
Facebook currently has more than 400 million active users. Together Facebook and Google accounted for 14% of all US Internet visits last week.
Subscribe to:
Posts (Atom)