HR News: 20 Oct, 2023

1.

MSRTC senior officers get triple hike in basic pay

The salaries have been pending since last seven yearsSenior officials within Maharashtra State Road and Transport Corporation (MSRTC), have received a three-fold increase in their base salaries. These hikes were pending for the last seven years. The payment will cover all the 200 high-ranking senior officials, from depot managers to general managers within the transport corporation. They have also been reportedly promised the payment of overdue arrears dating back to 2016. Since the onset of the COVID-19 pandemic, MSRTC has faced recurrent financial challenges. Following the initial lockdown, the daily revenue of MSRTC plummeted from Rs 24 crores in the pre-pandemic period to a mere Rs 20 lakhs. This significant drop in income further strained the already poor financial state of MSRTC. With all the financial challenges, the corporation even postponed the salary for extended periods of 2 to 5 months in the years 2019 and 2020. In 2021, MSRTC employees initiated a strike that lasted a month long. It began as the transportation workers demanded a salary hike in their basic pay. To end the near-month-long strike, the transport minister, Anil Parab, announced a salary hike for the employees, raising their average increment from Rs 2500 to Rs 5000.

 

2.

Coforge rewards employees with ESOP

The ESOP Allotment Committee granted 8,732 equity shares at a face value of Rs 10 each, bringing in Rs 87,320 in share application money. Coforge has recently made a significant announcement regarding the allocation of equity shares to its employees under the employee stock option plan (ESOP). The company, a global provider of digital services and solutions, is dedicated to helping clients achieve tangible business impact by combining domain expertise with emerging technologies. With a focus on specific industries, a deep understanding of their underlying processes and strategic partnerships with leading platforms, Coforge offers a unique perspective to its clients. As per an official exchange filing, the ESOP allotment committee granted 8,732 equity shares, each with a face value of Rs 10, on 13 October, 2023.

3.

Ikea hits 30% local sourcing; 46% female representation in India workforce.

In 2013, Ikea pledged a substantial investment of Rs 10,500 crore in India. Ikea is making significant strides in its expansion efforts in India, with a particular focus on the promising opportunities. Back in 2013, Ikea made a groundbreaking announcement to invest a substantial sum of Rs 10,500 crore in the country. What sets this commitment apart is that the company has successfully followed through on this promise, signalling its dedication to the Indian market. Ikea explained a comprehensive strategy that has been carefully crafted to seize these opportunities. This strategy encompasses multiple facets, each contributing to Ikea’s growth and success in India. One of the core elements of Ikea’s strategy in India is its commitment to source 30 percent of its products locally. This aligns seamlessly with the ‘Make in India’ initiative, showcasing Ikea’s determination to support local manufacturing and economic growth. By doing so, Ikea not only strengthens its ties with India but also enhances its role in the nation’s economic development.