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Tag: Economy Slow Down

Slow Down in IT Sector:May Shed 30 K to 40 K Staff:Pai

(Bengaluru) Slow Down in IT Sector:May Shed 30 K to 40 K Staff
India’s information technology services companies may shed 30,000 to 40,000 middle-level employees this year as growth slows down, IT industry veteran T V Mohandas Pai said Monday.
The former Chief Financial Officer of IT major Infosys Ltd termed these job losses as once-in-five-years normal phenomenon with maturing of the industry.
“As in all sectors in the West, in India too when a sector matures so many people will be there in the middle level who will not be adding value to the salary they get,” Pai told PTI.
Promotions are okay when companies are growing fast but when it slows down, people getting fat salaries will aggregate at the higher level, prompting companies to periodically reset their pyramids, and shedding people, he said.
Pai said about 80 per cent of those who lose jobs would have employment opportunities in industries in general if they are specialists

Sonia Commands Cong To Expose Govt’s Economy Policy

[New Delhi]Sonia Commands Cong To Expose Govt’s Economy Policy
The Congress on Thursday announced it will hold massive agitations across the country from October 15 to October 25 against the government’s policies that have allegedly led to an “economic slowdown”.
The decision was taken at a meeting chaired by Congress chief Sonia Gandhi at the AICC headquarters
The meeting was attended by former prime minister Dr Manmohan Singh, AICC general secretaries and in-charges of various states and Congress Legislative Party leaders, among others.
It was decided at the meeting that Pradesh Congress Committee delegate conventions will be held across the country from September 20 to 30 to highlight the “economic slowdown”, Congress spokesperson R P N Singh said at a press conference, in which party general secretary K C Venugopal was also present.
This will be followed by massive agitations across the country from October 15 to October 25 against the government over its policies that have led to the slowdown, Singh said.