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Et news2 Et news2 Presentation Transcript

  • ET News related to HR Neha Sahi MBA 2C
  • Laying off two-thirds of staff tops MTNL’s recovery wish list
    • MTNL wants to lay off two-third of its employees as it attempts to arrest massive decline in revenues and profits.
    • MTNL offers services in Delhi and Mumbai, and has 45000 employees on its rolls compared to Bharti Airtel, whose sale is 10 times of MTNL has 18000 employees.
    • MTNL wants to reduce its employee numbers by 30000 i.e. it requires only 15000 employees to run its business.
  • Contd..
    • MTNL spends over 30% of its revenues on employee wages.
    • MTNL decaled loss of Rs. 2514 crore for the year ended March 2010, due to one-time expense of providing retirement benefits.
    • Blame of losses are on:
      • Rising staff cost.
      • Having to set aside provision for retirement benefits.
    • Teleco will have to overcome opposition from its strong employee unions.
  • Government begins search for the next Sebi chief
    • 5 member committee headed by Cabinet secretary, KM Chandrasekhar has been mandated to choose next Sebi chief.
    • Sebi chairman CB Bhave’s 3 year term comes to an end in the third week of February.
    • The final call will be taken by the Appointments Committee of the Cabinet:
    • Finance Minister
    • Home Minister
    • Prime Minister
  • Contd..
    • Other members of selection committee are:
    • Ashok Chawla (Finance Secretary)
    • R Gopalan (Financial Services Secretary)
    • Shekhar Chaudhuri (IIM Calcutta Director)
    • Suman Bery (Director NCAER).
    • Selection panel is expected to advertise for the position.
  • CEO’s salary: Let investors decide, says House panel
    • Parliamentary panel suggested that salaries of CEO’s of the companies should be capped and shareholders should have a say in managerial remunerations.
    • Revised Companies Bill seek to replace the half-a-century old Act in winter session or Budget session.
    • Companies Bill 2009 presented a report for prescribing an overall ceiling on managerial remuneration.
  • Contd..
    • According to section 198 0f the Companies Act,1956:
    • Total remuneration paid to managerial personnel cannot be more than 11% of net profit.
    • Individual’s manager compensation is capped at 5% of net profit.
    • Any company breaking the ceiling requires approval from corporate affairs ministry.
    • If a company does not have adequate profits, it requires the Central government’s approval to dole out salaries.
    • Panel suggested that in the event of established fraud or fudging of profits by the company, remuneration paid to the key managerial personnel may be recovered.
  • Basu pitches for changes in labour laws, calls for debate
    • According to Kaushik Basu (economic advisor of finance ministry) Industrial labour disputes Act needs to be recast to help increase employment.
    • This analogy is drawn from the flexible labour laws in Bangladesh and the benefits it had brought to the country’s textiles sector.
    • Labour ministry has formed different task forces for the consideration of issue of separate labour laws for unorganized sector.
  • Contd..
    • Basu was critical of the rule that requires industries employing more than 100 workers to seek government’s nod before downsizing.
    • This rule has encouraged companies to employ capital intensive method of production to keep labour requirement low.
    • This encourage contract labour where terms of employment are loaded heavily against the workers.
  • Thank You