1.
Lyft to
reduce workforce by 13%
About 683 people
may be let go as part of cost-cutting exercise. Nasdaq listed ride-hailing
technology company Lyft Inc. has said that it will reduce its workforce by 13
per cent. This means around 683 people will lose their jobs. This was done to
cut costs and deal with the unstable economy. The move by Lyft is expected to
result in expenses in the range of $27 million and $32 million in the fourth
quarter. Besides, it also laid off 60 employees in the month of July.
“The announced reduction in force is a proactive step as part of the company’s
annual planning to ensure the company is set up to accelerate execution and
deliver strong business results in Q4 of 2022 and in 2023,” Lyft said in a
statement.
2.
Deadline for joining EPF
pension scheme extended by SC.
EPF members are no longer
required to contribute 1.16% on the salary exceeding Rs 15,000 limit. The
Supreme Court ruled that employees will be given six more months to opt to join
the Employees’ Pension Scheme if they haven’t already joined it. Additionally,
they will not have to contribute 1.16per cent on their salary exceeding the Rs
15,000 limit. The Court has declared invalid the condition in the 2014 scheme
requiring employees to make a further contribution at the rate of 1.16 per cent
on the salary that exceeds Rs 15,000 as an additional contribution. This
condition has been held as ultra vires of the 1952 Act, as reported by LiveLaw.
However, the judgment pertaining to this particular point is suspended for six
months. This has been done so that concerned authorities have enough time to
make adjustments in the scheme to be able to generate that additional
contribution from other legitimate sources in compliance with the conditions of
the Act.
3.
No fresh
hiring at Amazon except for vacant & important posts
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