HR News: 18 Dec, 2017

1.

IT retrenchment woes continue: Verizon lays off over 1,000 employees in India

The partnership will help create industry-ready resources.
The retrenchment phase of the IT industry in India seems to be continuing. The trend is on with Verizon Data Services India (VDS), a wholly-owned subsidiary of the American company, Verizon Communications, now reportedly laying off over 1,000 employees.
The move comes as Verizon is rationalising its staff at its India units in Chennai and Hyderabad. In line with that, the Company mentioned in a statement that it is consolidating its strategy such that it can ‘scale, compete and continue to be successful’. It also said that Verizon's IT, including Verizon Data Services India, is transforming into an engineering-centric, technology organisation, which entails rationalisation of roles, which has an impact on the headcount.
Meanwhile, the office bearers of the Forum of IT Employees, a union of the IT-sector workers, alleged ‘forced resignations’ and urged the labour commissioner to intervene in the matter.

2.
Flipkart employees are richer now

All existing and former employees of Flipkart and group companies were given the opportunity to sell a part of their ESOP units to the Company.
Online retailer, Flipkart, has bought back the shares owned by the employees for a whopping $100 million. Around 3000 existing and former employees of Flipkart, Myntra, Jabong and PhonePe benefited from this ESOP repurchase initiative, which is being called the largest-ever share buyback programme in the history of the Indian startup ecosystem.
In an official statement, Flipkart said that this programme was initiated in October and all eligible existing as well as former employees of Flipkart and group companies were given the opportunity to sell to the company a part of their vested ESOP units.

3.

Employees withdrawing full PF money will lose social security benefits

EPFO advises members to refrain from withdrawing funds fully for trivial reasons.

Employee Provident Fund Organisation (EPFO) has advised subscribers not to withdraw funds completely for petty reasons, as it can lead to losing the social security benefits which come with continuity.
Those who continue to hold the fund till they retire are entitled to social security benefits, which they otherwise tend to lose. Early withdrawal will lead to the loss of old-age security and pension benefits along with the PF money.
This announcement came because many of the subscribers started withdrawing the funds fully to use it for petty reasons.