Firing in IT companies | yearly lay off is common in IT | Seniors are targeted to reduce cost

Most of the IT companies lay off employee on the basis of performance. Most of the target is on senior resource who get paid heavily. Only few survive in IT till the retirement. Thus IT comapanies pay more and fire more. 

To get survive in IT, you need to be more talented and should have skill in good technology. Obviously good guy for your manager. In IT, Salary Hike and firing the employee is on manager hands. 

IT company pay for 3 year experienced | Salary offered by competitor for good technical resource

Below are the format mail you receive from IT companies for experienced resource if you get selected in MNC. Comapany releases Offer letter post acceptance of salary/CTC from employee.

As discussed, please find your final salary details that can be offered by XYZ subject to senior management approval.

• Onsite opportunities are subject to business requirements and Visa rules.
• Any location transfer would not be feasible for next 2 years from Joining.
• You need to be flexible to work from any XYZ Office in Pune.
• Kindly revert back with last 3 months salary slip and scanned copies of all your relieving  and experience letters
•  

Grade Code	C1
Designation	SE
MONTHLY COMPONENTS (A)
Base Salary	12,000
House Rent Allowance	6,000
Monthly Performance Pay	12,600
Quarterly VA	2,900
Food Coupons	500
Sundry Medical	750
Leave Travel Assistance	1,000
Personal Allowance	6,892
Conveyance	800
TOTAL MONTHLY	43,442
ANNUAL SALARY (A)	521,304
ANNUAL COMPONENTS (B)
Health Insurance Premium	4,500
TOTAL ANNUAL (B)	4,500
RETIRALS (C)
Provident Fund	17,280
Gratuity	6,926
TOTAL ANNUAL (C)	24,206
GROSS ANNUAL (A+B+C)	550,010

*Onsite opportunities are subject to business requirement and visa rules.
*Any location transfer would not be feasible for next 2 years from joining.
*Your should be open to work at any location in Pune depending on the business requirements.
***If not already resigned, recommend you to initiate your separation formalities from the current organization only after receipt of formal XYZ Offer Letter on XYZ Careers Portal.  

 

*Comapany name are replaced with XYZ to maintain confidentiality.

Monthly pay of MNC for junior resource | Monthly compensation

Format of salary details for 1 to 3 year experience for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global  Cyient ramco system godrej infotech accel frontline Ford technology NTT 

Service certificate | Relieving Certificate of MNC

Format of Relieving cum service certificate for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global  Cyient ramco system godrej infotech accel frontline Ford technology NTT 

Package of IT employee for 5 year experience | Salary breakup details | Fixed and Variable pay | CTC

How much IT company pays for 5+ year experience? IT employees are paid more than other similar sectors. Below are the salary breakup of top IT MNC in India.

Experience Letter sample for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global Cyient ramco system godrej infotech accel frontline Ford technology

Experience Letter format

Appointment Letter

Format of Appointment letter for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global  Cyient ramco system godrej infotech accel frontline Ford technology

Format of Hike Letter for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global Cyient ramco system godrej infotech accel frontline Ford technology

Hike Letter for IT companies

Format of Offer Letter for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global Cyient ramco system godrej infotech accel frontline Ford technology

IT company offer letter 

Format of Payslip for IT companies such as HCL Accenture IT Services L&T Technology Services Infosys Wipro Cognizant Mindtree Tata Consultancy Services (TCS) Tech Mahindra Hexaware Technologies Delloite Mphasis 3i infotech capegemini broadcom first source VISPL Veritas ATOSGS Labs SAP Labs Amdocs KPIT Cummins Info systems IBN Technologies Limited Pieco Electronics & Electrical ( Philips ) Suma Soft Pvt Ltd.Software Technology Park of India (STPI) Veritas Software Corporation CTS Geometric Software Solutions Pvt. Ltd. Syntel Inc. Kanbay Inc. Xansa Citi corp Persistent TIAA Societe generale Honeywell Microland Microsoft Google Facebook Flipkart Cybage iGate KPIT Quest Global zensor UST global Cyient ramco system godrej infotech accel frontline Ford technology

IT company Payslip,  Salary breakup, Basic, HRA, LTA, Performance pay ..

India to enter recession for first time ever and this continues for 2021

 The RBI also flagged the risk of high inflation, which it said was showing ‘no signs of waning’.

India’s economy is likely to enter a recessionary phase for the first time ever in the second quarter (July-September) of the current financial year, with the Gross Domestic Product expected to contract by 8.6%, the Reserve Bank of India said in a bulletin released on Wednesday.

Technically, a country’s economy is said to hit recession when its GDP growth is negative for two consecutive quarters or more. India’s economy had contracted by an unprecedented 23.9% in the first quarter (April-June) of this financial year, after being hit by the coronavirus pandemic and the subsequent economic slowdown.In an article titled “State of the Economy”, the central bank in its bulletin, “nowcast” the contraction in the second quarter based on quarterly results declared by 887 non-financial listed companies, whose sales remained in contraction in the second quarter. “Nowcasting” is the prediction of the present or the very near future of the state of the economy.

The RBI, however, noted that the contraction is “ebbing with gradual normalisation in activities and expected to be short-lived”. The central bank cited improvement in indicators like aggregate demand, Goods and Services Tax collection and manufacturing activities to suggest that the economy is picking up pace.

The RBI also said that the National Statistical Office will formally announce the GDP numbers for the second quarter in end-November.

Inflation to remain high

Besides the contraction in economy, the central bank also flagged the downside risk of high inflation in the coming months.

The foremost [risk] is the unrelenting pressure of inflation, with no signs of waning in spite of supply management measures,” the RBI observed. It said that the inflation levels may result in “a loss of credibility in policy interventions”, taking a toll on the “nascent growth impulses”.

Retail inflation in September rose to 7.34%, the highest since January, and well above the RBI’s mandated range of 2% to 6%. The inflation numbers for October are expected to be released on Thursday.

Apart from the price rise scare, the RBI flagged two more concerns, that of a second wave of the virus and a “stress intensifying among households and corporations that has been delayed but not mitigated”. The central bank said that a second wave of Covid-19 can have an effect on collapsing external demand, while the stress in households and corporations ran a risk of spilling over to the financial sector.

Source:- https://scroll.in/latest/978322/india-to-enter-recession-first-time-ever-as-gdp-likely-to-shrink-by-8-6-in-second-quarter-says-rbi

India entered into a recession - Job loss will happen

 India has technically entered into a recession with a likely contraction in its GDP during the July-September period, according to a report by the Reserve Bank of India (RBI).

RBI's Economic Activity Index estimates that India's GDP growth for the second quarter of the current financial year was negative and the GDP contracted by 8.6 per cent during the quarter.

"India has entered into a technical recession in the first half of 2020-21 for the first time in its history with Q2:2020-21 likely to record the second successive quarter of GDP contraction," it said 

The contraction is ebbing with gradual normalisation in activities and expected to be short-lived.

The RBI report said that at a time when global economic activity is besieged by the outbreak of the second wave of Covid-19, incoming data for the month of October 2020 have brightened the near-term outlook for the Indian economy and stirred up consumer and business confidence.

"Since the assessment of the performance of the Indian economy in the first half of 2020-21 that was presented in the Monetary Policy Report of October 2020, several developments point to a window of respite opening up and an unshackling of economic activity from the grip of Covid-19 as the festival season sets in," it said.

Source:- https://www.businessinsider.in/stock-market/economy/news/rbi-reports-india-has-entered-a-technical-recession-for-the-very-first-time/articleshow/79187827.cms

India Recession 2020 - IT companies will get impact

 In its latest monthly bulletin — for November — the Reserve Bank of India has dedicated a chapter on the “State of the economy”. The idea is to provide a monthly snapshot of some of the key indicators of India’s economic health. “By doing so, a hallowed tradition that began with the first issue of the Bulletin in January 1947, but interrupted during the period 1995 to date, will be revived,” the bulletin said.

As part of the exercise, the RBI has started “nowcasting” or “the prediction of the present or the very near future of the state of the economy”. And the very first “nowcast” predicts that India’s economy will contract by 8.6% in the second quarter (July, August, September) of the current financial year.

While this pace of contraction is considerably slower than the 23.9% decline in the real gross domestic product (GDP) during the first quarter (April, May, June), the contraction of Q2 is crucial because it implies India that has entered a “technical recession” in the first half of 2020-21— for the first time in its history.

To better understand the term “technical recession”, one must distinguish it from two other phrases — a recession and a recessionary phase of an economy.

What is a recessionary phase?

At its simplest, in any economy, a recessionary phase is the counterpart of an expansionary phase. In other words, when the overall output of goods and services — typically measured by the GDP — increases from one quarter (or month) to another, the economy is said to be in an expansionary phase. And when the GDP contracts from one quarter to another, the economy is said to be in a recessionary phase.

Together, these two phases create what is called a “business cycle” in any economy. A full business cycle could last anywhere between one year and a decade.

The line graph accompanying this article maps India’s quarterly real GDP growth since 1951. As one can see, this line goes up and down. The peaks and troughs show the different expansionary and recessionary phases of the economy.

Technical recession, India recession, India economy, RBI on India economy, What is technical recession, Technical recession explained * RBI estimates : Source: Trading Economics

As the graph shows, there have been several expansionary and recessionary phases in India’s history.

How is a recession different?

“When a recessionary phase sustains for long enough, it is called a recession. In other words, when the GDP contracts for a long enough period, the economy is said to be in a recession.”

There is, however, no universally accepted definition of a recession — as in, for how long should the GDP contract before an economy is said to be in a recession. But most economists agree with the definition that the National Bureau of Economic Research (NBER) in the United States uses. According to NBER, “During a recession, a significant decline in economic activity spreads across the economy and can last from a few months to more than a year”.

The NBER’s Business Cycle Dating Committee typically looks at various variables — employment, consumption etc — apart from GDP growth to arrive at a decision. It also looks at the “depth, diffusion, and duration” of decline in economic activity to determine whether an economy is in a recession or not.

For example, in the case of the most recent dip in economic activity in the US, which started in February 2020 as a result of the Covid-19 pandemic, the drop in activity has been so great and so widely diffused throughout the economy that the downturn would have been classified as a recession even if it had proved to be quite brief. 

Then, what is a technical recession?

While the basic idea behind the term “recession” — significant contraction in economic activity — is clear, from the perspective of empirical data analysis, there are too many unanswered queries.

For instance, would quarterly GDP be enough to determine economic activity? Or should one look at unemployment or personal consumption as well? It is entirely possible that GDP starts growing after a while but unemployment levels do not fall adequately.

During the 2008 global financial crisis, NBER pegged June 2009 as the end date for the recession but some metrics did not recover for much longer. For instance, “non-farm payroll employment, did not exceed the level of the previous peak until April 2014,” according to NBER.

To get around these empirical technicalities, commentators often consider a recession to be in progress when real GDP has declined for at least two consecutive quarters.

That is how real quarterly GDP has come to be accepted as a measure of economic activity and a “benchmark” for ascertaining a “technical recession”. By this definition, as the data in the table shows, India entered a recession at the end of September. The UK is in its third quarter of recession. Brazil and Indonesia are also in recession while South Africa has evaded it until now, but only marginally. China, where the pandemic began, has bucked the trend.

Was India’s technical recession unexpected?

No. Given the nature of the problem — the pandemic — as soon as the lockdown was announced in March, most economists expected the Indian economy to go into recession. In fact, most estimates expect the economy to contract for at least one more quarter — that is October to December, currently under way.

Typically, recessions last for a few quarters. If they continue for years, they are referred to as “depressions”. But a depression is quite rare; the last one was during the 1930s in the US.

In the current scenario, the key determinant for any economy to come out of recession is to control the spread of Covid-19.

In India’s case, Finance Minister Nirmala Sitharaman has expressed hope that India’s recession could be already over and that the economy may register positive growth in the current quarter.

Source : https://indianexpress.com/article/explained/what-is-a-technical-recession-indian-economy-coronavirus-7049758/