Bihar Doctors & Medical Health employees demand Pay Hike: Sixth Pay Commission Recommendations

The latest news on the Sixth Pay Commission is coming from Bihar Medical Department. It is reported that the Bihar State Health Services Association is demanding the implementation of the Sixth Pay Commission Recommendations for their department as well. Wikipedia on Sixth Pay Commission News. Sixth Pay Commission Bihar Doctors & Medical Health employees demand Pay Hike
It was yesterday when the Bihar State Health Services Association requested the Bihar state government to go for the implementation of the of the Sixth Pay Commission recommendations for their Health department in the state.
The major reason for this demand is the pay disparity between their counterparts in the central government department and that in the Bihar state department. There are reported anamolies in the goverment rules and policies of 2008, and these anamolies are requested to be removed. For e.g. dealing with things like minimum qualification for appointment as government doctor and changes in the criteria for being appointed in administrative grade posts.
The association, at its meeting of extended executive body, also passed a resolution that its members were willing to accept all the logical conditions of the state government for getting the benefit.

Sunday executive meeting also thanked the state government for giving the association members benefit of Central payscale and dynamic ACP and expressed hope that the government would take steps for strengthening the medical directorate.

The meeting was chaired by association president Dr Ram Nagina Singh and IMA, Bihar chapter, office-bearers, including its president, Dr Raman Verma and secretary Dr Arun Kumar Thakur.

Haryana approves Pay hike from January 2006 for Sixth Pay Commission Recommendations

The latest news on the Sixth Pay Commission is coming from Haryana. It is learnt that the state government of Haryana has finally and formally given its approval to implement the recommendations of the Sixth Pay Commission at the state level. Wikipedia on Sixth Pay Commission News. Sixth Pay Commission Haryana approves Pay hike
There comes the big bonanza news from Haryana state government for the Haryana state employees. All the employees will get the revised pay from January 2006 onwards, as per the recommendations of the Sixth pay Commission. That will mean a big big amount for the payment of arrears for the last 3 years for the state employees of Haryana.

How much money will be required for the Haryana Pay hike
Around 15 billion or 15 Croroe Rupees have been provisioned in the state budget for the revised pay hikes.

How did the process go through for Haryana Pay hike
A committee was formed with Chairman of Haryana Chief Secretary to look into the matter of Sixth pay Commission recommendations and to decide the revised pay scales as per the recommendations of sixth pay commission. There were something like 225 suggestions made to the committee from the different departments of the government.

It's the election time, and now goveerment will leave any stone unturned to woo the voters. This is another example of how the taxpayers money will be used.

He said that keeping in view the interest of the employees the Government had made the ex-gratia scheme more effective for their dependents. This scheme would provide financial security besides giving social security to the employees.

Suzuki Hungary Lay off Job Cut: fires 1200 employees

The bad news from the employment sector of Hungary continues. Just sometime back, it was the news about Foxconn Hungary Lay off Job Cut. Now, it is the Japanese automaker Suzuki, which has decided to lay off employees or got for a Job Cut. Suzuki Hungary Lay off Job Cut

The automobile giant Suzuki from Japan has decided to lay off many employees in its Hungary plant.

How many employees will be affected in the Suzuki Hungary Lay off Job Cut?
Around 1200 employees will be affected in the Suzuki Hungary Lay off Job Cut.

What percentage of employees does this Suzuki Hungary Lay off Job Cut constitutes?
This lay off constitutes around 20% of its employee strength.

Which plant will b Suzuki Hungary Lay off Job Cut take place?
the lay off will take place at its plant in Esztergom, northwest of Budapest.

Will Suzuki Hungary Lay off Job Cut have any affect on work timings for the remaining employees?
Yes. it is reported that from Dec 8, Suzuki Hungary will switch to manufacturing in two shifts instead of the 3 shifts currently going on.

How many employees are there in the Suzuki Hungary plant as of now?
There are a little over 5500 employees.

Which departments will be affected the most by the Suzuki Hungary Lay off Job Cut
The job cuts to be done will affect manufacturers and office staff.

In 2009, the company expects 210,000 new cars to roll off production lines at Esztergom, 64 kilometres (40 miles) northwest from Budapest.

Let's hope that alternative jobs are available to the affected employees of Suzuki Hungary Lay off Job Cut.

Foxconn Hungary Lay off Job Cut: fires 1500 employees

The Taiwan based Foxconn which is listed in Hong Kong Stock Exchange has decided to lay off around 1500 workers in Hungary. The reasons for lay offs or job cuts by FoxConn is the reduction in orders. Foxconn Hungary Lay off Job Cut

How many employees will be affected in the Foxconn Lay off Job Cut
Around 1500 employees will loose their jobs in the Foxconn Lay off Job Cut. This constitutes around 50% of its total employees in Hungary.

Which locations will the Foxconn Lay off Job Cut happen?
The layoffs will be done as follows: 1,000 workers will be fired in Komarom, and another 500 employees will be fired in Debrecen, 220 kilometres east of Budapest,

Are there any plans for new recruitments after the Foxconn Lay off Job Cut?
Yes. After the lay offs, the Foxconn is expected to hire around 1,150 people.

Hungary's economy is expected to slide into recession next year on falling export demand and a drop in domestic consumption, and the government estimates its economy could contract for up to a year and a half.

Several dozen firms have already announced large-scale layoffs and analysts estimate that the country's 7.7 percent unemployment rate in the August-October period may climb to over 10 percent by the middle of next year.

Let's hope that alternative jobs are available to the affected employees of Foxconn Hungary Lay off Job Cut.

Aapico Hitech AH Thailand Lay off Job Cut: may fire 1200 employees

Till yesterday, there were news about the top 3 US automakers in troubles and asking for a bailout package. There were reports about General Motors GM Lay off Job Cut. Then, it was followed by the reports of Automobile Dacia Romania Lay off Job Cut in Europe. Today, there is this news coming from the eastern part of the globe, about the Thailand based Aapico Hitech Plc goiong for a lay offs in the Thail automobile sector. Simmers & Jack Mines Lay off Job Cut

How many employees will be fired from Aapico Thailand Lay off Job Cut
It is reported that around 30% of the existing workforce, i.e. around 1200 employees of the 4,000 may have to quit their jobs.

What are the reasons for Aapico Thailand Lay off Job Cut?
Same old reasons as quoted by all management firms going for lay offs - reduction in demand, high cost, no business, financial turmoil and so on.

Any other business impact for Aapico Thailand ?
The General motors unit of Thailand has been closed and hence there is no fresh buying from the Aapico by the GM Motors for the parts which Aapico manufacturs. More than 90% of AH products are supplied to local vehicle assemblers such as Toyota, Honda, Isuzu, Nissan and AutoAlliance Thailand (AAT), the Ford-Mazda joint venture. Many of these have cut back production as the export outlook dims.

Which divisions of employees will be affected by the Aapico Thailand Lay off Job Cut
Non-productive senior permanent staff and the sub contract workers are the ones who would see the job cuts.

Any salary reductions by Aapico Thailand ?
Yes, the top level guys like the directors have willingly taken a salary cut. Mr Yeap himself cut his salary by 30% starting this month

AH's debt to equity ratio is 0.5 times, with a capital base of four billion baht.

In the quarter to Sept 30, AH posted a net profit of 71 million baht, up 4.36% year-on-year, as revenue rose 6% to 2.59 billion baht. Nine-month income rose 37.3% to 329.9 million baht.

Let's hope that alternative jobs are available to the affected employees of Aapico AH Thailand Lay off Job Cut.

Simmers & Jack Mines Lay off Job Cut: fires 500 employees

This time, the South African Firm, Simmers & Jack Mines has decided to go for the lay offs. It is learnt that the Mining company of South Africa has decided to fire some 500 employees. There are many lay offs in the mining sector. Simmers & Jack Mines Lay off Job Cut

It is learnt that the South African miner Simmers & Jack will fire as many as 500 workers.

Where will the Simmers & Jack Mines Lay off Job Cut take place?
Simmers & Jack Mines Lay off Job Cut will be at its Buffelsfontein Gold Mine (BGM).

When will the Simmers & Jack Mines Lay off Job Cut happen?
It is reported that the lay offs will happen within the next two months if the mines fails to meet expected targets.

What are the reasons quoted by manangement for Simmers & Jack Mines Lay off Job Cut?

The increasing cost of mining and materials, is the major cause reported by the management. Moreover, the current financial turmoil has ensured that there is a decline in demand and high volatility in the prices have led to this lay off decision.

Simmers said this optimisation process was aimed at those sections of the mine that needed to improve operating margins, including No. 12 shaft and smaller parts of the mine's six other operational shafts.

Its six operating shafts include the high-grade No. 5 shaft which is being refurbished and is on track for completion in March 2009, the company said.

The bulk of the mine's underground production currently comes from the No. 6, 7 and 8 shafts.

Simmers & Jack said last month it would build up it projects more slowly and selectively due to the global credit crunch.

Let's hope that alternative jobs are available to the affected employees of Simmers & Jack Mines Lay off Job Cut.

Uttar Pradesh UP Cabinate Approves Pay hike for Sixth Pay Commission Recommendations

The latest news on the Sixth Pay Commission is coming from Uttar Pradesh. It is learnt that the state government of Uttar Pradesh has finally and formally given its approval to implement the recommendations of the Sixth Pay Commission at the state level. Wikipedia on Sixth Pay Commission News. Sixth Pay Commission Uttar Pradesh Cabinate Approves Pay hike

So now the state employees are awaiting for the bonanza amounts of arrears and the increased Pay Scales which they are entitled to receive. Few days back, we had reported the news about Uttar Pradesh Government School employees get allowance.

The report of the pay parity committee was submitted to the cabinate in August. After 3 months, the cabinate of UP has finally approved it.

How many employees will benefit from the Uttar Pradesh UP Pay Hike Sixth Pay Commission?
Around 18 lakh employees are expected to benefit from the Pay hike.

When will the Uttar Pradesh UP Pay Hike Sixth Pay Commission become effective?
The pay hike will be applicable from December 1, 2008. The pay scale will come in force with retrospective effect from January 1, 2006. The arrears of salary, DA and pension will be paid in three instalments in the next three years.

How much additional burden will the Uttar Pradesh UP Pay Hike cause?
The revision of the pay scales — dearness allowance (DA) and pension — will cost the state exchequer an annual recurring burden of Rs 4,674 crore. The total burden on account of the arrears is Rs 13,662 crore.

Twenty per cent of the arrears will be paid in cash during the current fiscal 2008-09. The remaining 80 per cent will be deposited in the provident fund account of the employees in two equal instalments in 2009-10 and 2010-11. The arrears of the pensioners will be paid during the current fiscal. Mayawati said that the state government had decided to pay the house rent allowance as recommended by the Sixth Pay panel.
This is the first time the government has also decided to pay compensatory allowance to the employees posted in cities with a population of 1 lakh and above.

Are there any restriction imposed due to the Uttar Pradesh UP Pay Hike Sixth Pay Commission?
Yes. In order to meet the additional burden on the exchequer, the chief minister has taken several measures, which includes a curb on the budgetary provisions of Rs 1,115 crore to the various departments. Besides, the purchase of new vehicles by all government departments will be banned. All departments have been asked to reduce the size of their fleet of vehicles by five per cent by the next financial year. The chief minister said the compensation for death on duty has been raised to Rs 10 lakh, while the compensation for death in terrorists or extremist attacks would be Rs 15 lakh.
Here are the other related links on the Sixth pay Commission Recommendations and the government orders on the same.
New Pay Band of Defence Force Officers: Sixth Pay Commission

Sixth Pay Commission: Armed Forces Pay panel Grieviences

Link: Revised Pay Scale IAS (Administrative) IFS (Foreign) Officers: Sixth Pay Commission

Link: New Revised Pay Scale Indian Police Services IPS : Sixth Pay Commission

Link To: Maternity Leave, Child Care Leave: Sixth Pay Commission

Link To:LTC Leave Travel Concession Recommendations: Sixth Pay Commission

Link To:Special Allowance for child care for women with Disabilities

Link: Sixth Pay Commission: Income Tax on Pay Arrears

State Wise Salary Hike details are covered in the links of the article: State Wise Salary Hike Details of Sixth Pay Commission. Please refer to the article and click on your respective state wise link for news and other information.

Link To: Dearness Allowance: Sixth Central Pay Commission Recommendation

Link To: Revised Pay Scales, New Pay Bands Finalized by the Government

Link To: Sixth Pay Commission: Perks, Arrears, Increments & Key Points

Automobile Dacia Romania Lay off Job Cut: fires 3000 employees

There is bad news coming from all sectors of the economy and from all geographies across the globe. The biggest car maker of Romania, Automobile Dacia has decided to lay off around 3000 employees. There are many lay offs in the car and automobile sector. Automobile Dacia Romania Lay off Job Cut

How many employees will be laid off in the Automobile Dacia Romania Lay off Job Cut
Around 3000 employees will loose their jobs in the Automobile Dacia Romania Lay off Job Cut.

What is the current strength of Automobile Dacia Romania?
There are around 14700 employees in total as of now. The lay offs would mean that a little over 20% of the employees will have to face job cuts.

What reasons are being quoted by the management for the Automobile Dacia Romania Lay off Job Cut?
Same old reasons of financial crisis, demand reduction, cost cuttting and so on..

Which segment of employees will be laid off in Automobile Dacia Romania Lay off Job Cut?
Those who could be laid off are employees with fixed period contracts.

He added that some 960 employees have had their contracts extended to indefinite periods this year. Early next month, the company is to decide whether to extend contracts for 600 employees whose fixed period agreements expire on December 31.

Automobile Dacia, controlled by French Renault group, halted production between Nov. 20 - Dec. 7, because of the "brutal slump of car markets." The carmaker's sales dropped 8.9 percent in Romania in the first 10 months of 2008.

The plant produced 222,914 cars in 2007, it would have a total production of 310,000 units for this year.
Let's hope that alternative jobs are available to the affected employees of Automobile Dacia Romania Lay off Job Cut

Investment Banks Lay off Job Cut: I-Banks in India fire employees

There is bad news coming from all sectors of the economy and from all geographies across the globe. India is no longer shielded from this.There are many lay offs. Investment Banks Lay off Job Cut
Just few days back, Indians used to claim how they are powering the world economy with their knowledge and acumen through outsourcing. Today, the ripples are felt. There were stories of how employees were drawing salary in millions and Crores of Rupees (What's the Worth?) and today, they are the ones who are finding themselves to be the first in the line of lay offs or Job Cuts
As repoted, there are hundreds on employees in the Investment Banking companies which have been fired by various Indian arms of the globakl financial giants. The Indian arms of global investment banks have started laying off employees.

NDTV reported that Merill Lynch has laid off 15 people from its proprietary desk. Around 25 people at Goldman Sachs have been asked to quit.
Moreover, Morgan Stanley has laid off 20 employees from its investment banking and institutional equities division.
Then there are others - Citibank, UBS, Macquarie, Credit Suisse and Credit Lyonnaise have asked employees to look out for alternative jobs as soon as possible.
Do we call it Soft Firing by the street smart investment banks?

The financial firms are all making the same diplomatic statements calling it a global exercise, reaction to the market condition, market conditions, etc. etc.

Not only this, even those who negotiated hefty joining bonuses have been told to forego the amount. But the harsh reality is that only a few are complaining since its better to have a job than none.
Let's hope that alternative jobs are available to the affected employees of Lay off Job Cut.

Orissa Govt makes budget for Pay Hike: Sixth Pay Commission

The latest news on the Sixth Pay Commission is coming from Orissa. Wikipedia on Sixth Pay Commission News. Sixth Pay Commission Orisaa Govt makes budget for Pay Hike

As per the news, the Government of Orissa has finally decided to sanction the supplementary package in the budget for making way for implementing the recommendations of the Sixth Pay Commission in Orissa. Few days, back, we had reported about the Orissa Fitment Committee revises Govt Pay Hike. Now, the Orissa finance minister Prafulla Chandra Ghadei is learnt to have presented a supplementary budget of Rs 7587.69 crore for fiscal 2008-09, giving clear signals that the state government is soon going to implement the Sixth Pay Commission recommendations for Orissa state government employees.

How much money has been provided in the budget for the Sixth Pay Commission implementation in Orissa?
It is reported that arouns Rs 2255.36 crore has been provided in the budget to make way for possible pay hike.

ANy other provisions made in the budget?
Yes, the Orissa Disaster Management Fund has been increased to Rs 400 crore from previous amount of Rs 150 crore. Then there is also some relief for the food grains - around Rs 499 crore for subsidising the Rs 2 a kilogram of rice programme. There are Rs 56.34 crore for revival of Regional Rural Banks (RRBs). The government of India, Gramya Bank and the state government are required to share the recapitalisation burden at 50:35:15 ratio. As on 31.03.2007, all three RRBs–Utkal Gramya Bank, Kalinga Gramya Bank, and Baitarini Gramya Bank–were running losses. Meanwhile, the last bank has started making profits.

The minister said the government is expecting additional resources of Rs 3000 crore, which includes Rs 994 crore from central taxes and Rs 500 crore from its own taxes and non-taxes.

UNITES files PIL for reduction in work hours in IT BPO Companies

There may be some respite for the Indian BPO employees. The Indian IT workforce has been unorganised so far, but there is an indian subsidiary of the Union for Information & Technology Enabled Services or called UNITES, which was formed to organise the workforce. This organisation has taken a stand to raise the voices of the Indian IT and especially the BPO employees for the double standards of the IT employers in the country. UNITES files PIL for reduction in work hours

What is the matter all about?
The matter is regarding the working hours. As per the rules, Indian Factories Act, 1948., the maximum number of hours an employees is required to work is only eight hours daily. However, as per UNITES hundreds of IT companies across the country are clearly flaunting this law and asking the individuals to works for many long hours, sometimes strethching well beyond 60 hours per week.

So what is UNITES going to do now?
UNITES has filed a PIL or Public interest litigation in defence of the employees of the IT and BPO sector. It is alleging that the 'arbitrary policy' of many Indian and multinational IT/ITeS firms in India are forcing the employees to work for well beyond the required 40 hours per week.
For e.g. in yesterday's TOI, there were reports about companies like Wipro and Infosys having a mandatory presence of more than 9 or 9.5 hours in the office. If employees fail to be there for those many hours or get short by even 15 minutes, the HR department keeps sending reminders and notices. The same is true for many other companies as well.

What is UNITES
UNITES, the country's first union in the IT-BPO sector, is affiliated to the Indian National Trade Union Congress. It claims to have around 10 per cent of the total IT-BPO workforce of 2 million as members, and said the numbers have been dramatically rising over the last two months on the back of lay-offs in the sector. The union is also part of Union Network International, which has over 16 million workers in 13 different sectors from 163 countries.

What is the stand of the IT and BPO companies
IT firms, on their part, insist that the Act is not being violated since IT workers have to work for 48 hours a week - eight hours daily for six days. However, since most IT firms have a five-day working week, they work longer hours, hence there is a clear case of misunderstanding of the act and that leads to non-uniformity about the work hours.

As per the news, due to the recent turmoil in the world markets, there have been many lay offs and many companies are using this scenario to exploit most of the employees by increasing the no. of working hours significantly. the increase of daily working hours from eight to almost 10 hours by Indian and multinational companies officially is "a double standard by the IT firms, who, on the one hand are firing people saying they are not getting enough work, and on the other hand, forcing employees to work more since they are getting more work".

He said UNITES has requested industry body Nasscom to step in to clarify the stance.

The IT sector in India was once the torchbearer of many best HR practices, including flexi-office hours.

However, the situation has changed on the back of a slowing economy. Global IT services firm Accenture, for instance, is reportedly planning to increase working hours by almost an hour with effect from January 1 next year. Infosys [Get Quote], India's second-largest IT exporter, too, has asked its employees' to strictly abide by the duty hours that the company has fixed as 9.15 hours a day on all working days. Wipro [Get Quote] also has stipulated 9.5 hours working hours a day, and is becoming much stricter in terms of timing.

Then there is the other side of the story - Companies allege that long work hours are OK as the IT employees are getting much much higher salary than their counterparts from the other sectors. So ultimately, there will be a long standing debate on the topic. Let's see what comes out from the PIL filed by UNITES.

ABX Air Lay off Job Cut: fires 360 employees

We had recently reported only a few days back about the DHL Lay off Job Cut and now its impact is being felt by the partner companies of DHL. ABX air is one such partner whose workers will suffer due to the lay off. ABX Air Lay off Job Cut

ABX Air has decided to go for a big Job Cut or lay off at DHL Express' freight hub in Wilmington.

How many employees will be laid off by ABX Air?
It is reported that around 283 employees will be fired from their jobs at DHL Express' freight hub in Wilmington and another 76 will loose their jobs at its Kansas City hub.

When will the ABX Air Lay off Job Cut happen?
It is learnt that the job cuts will take place over the next week.

Any previous job cuts before this planned ABX Air Lay off Job Cut?
Last week, ABX eliminated 158 jobs.

Which department of employees will be affected by the ABX Air Lay off Job Cut
The latest cuts include ramp loaders, hardware technicians, sort supervisors and hazardous-materials specialists.

As per the news, DHL plans to hire United Parcel Service to replace ABX Air and ASTAR Air Cargo, which now transport DHL packages by air from the hub at the Wilmington air park. Much of the work done at Wilmington will be transferred to a UPS facility in Louisville, Ky. The company gets 90 percent of its revenue from two contracts with DHL, which said Nov. 10 that it would stop domestic shipping on Jan. 30 and offer only international service to U.S. customers.

ABX currently employs 6,800 workers at the Wilmington hub.
Let's hope that alternative jobs are available to the affected employees of ABX Air Lay off Job Cut.

Google Lay off Job Cut: Google may fire contract workers employees

It is reported that Google has decided to go for a Lay Off or Job Cut. Another impact of the financial turmoil which is wrecking havoc for many individuals. Google Lay off Job Cut

It used to be the case that Google is different, but wait, the latest news being reported seem that even the internet giant is not shielded from the market requirements and pressures.
As per the news, Google is on its way to freeze new recruitments and is now silently asking the contract workers to leave - so is it a Google Lay off Job Cut in silent mode?

Though the company officials are claiming that they are still recruiting, but at a slower pace and are now implementing measures to cut expenses, in continuation to the "keep discovering" new things.

How many employees are expected to be affected by the Google Lay off Job Cut?
There are no confimr news about how many people will be given pink slips, but one thing is known that it will be the contract workers who will get affected. There are about 10,000 contract workers in Google.


Though there are varying reports about the total number of employees google has. In one report it is mentioned that Google's total employees are 30,000 strong and not 20,123 employees as filed with the SEC. This is significant, as the higher figure would require the company to report layoffs publicly.

As per the news, The Webguild report claims that "Google hire full-time employees without giving them full-time benefits. The classification enables Google to pay them above minimum wage, provide no health benefits, no insurance coverage, no stock options, and no offer of permanent employment."

What all cost cutting measures will Google take?
In the name of global economic slowdown, there are various cuts to be implemented. One such thing is the discontinuation of Holiday celebration. Then, there were reports that contract workers were not allowed to access the Gym and Cafeteria, making a lot of cost cutting for the company in terms of food and other expenses.

Let's hope that alternative jobs are available to the affected employees of Google Lay off Job Cut.

Viasystems Lay off Job Cut: fires 2000 employees

Viasystems Group Incorporated, which is a leading worldwide provider of complex multi-layer printed circuit boards (PCBs) and electro-mechanical solutions to Original Equipment Manufacturers (OEMs) has decided to go for a Lay Off or Job Cut. Another impact of the financial turmoil which is wrecking havoc for many individuals. Viasystems Lay off Job Cut

How many employees will be laid off in Viasystems Lay off Job Cut?
Around 2000 individual employees will have to quit their jobs in the ViaSystems Lay off. This constituets around 15 percent of the entire employee strength.

How many employees does Viasystems currently has?
Viasystems has around 13,500 employees as of now.

Any specific locations and plants affected due to Viasystems Lay off Job Cut?
Company has decided to close its Oak Creek Plant, Milwaukee area and in Newberry, S.C. Around 240 employees in the Oak Creek Plant will be fired from their job.

Which department of employees are affected due to Viasystems Lay off Job Cut?
The affected employees include factory workers, salespeople and administrative employees.

When will the Oak Creek metal fabrication plant close down?
The intended date of closing the plant is January 19, 2009.

What are the plans for Viasystems after plant closing down?
Viasystems will transfer operations to its "low-cost" facilities in Mexico and China.

Let's hope that alternative jobs are available to the affected employees of Viasystems Lay off Job Cut.

Reliance MoneyMall launched: Buy Financial Products Online

Anil Dhirubhai Ambani Group (ADAG) has come out with its online shopping portal, called RelianceMoneyMall and it is aimed at being a one stop online shop for all your financial products need. Reliance MoneyMall Site. Reliance MoneyMall Buy Financial Products

What all products are available for purchase at Reliance MoneyMall
You can buy Mutual Funds, Gold Coins, SMS Alert Packs for stock market related alert services, Technical Charts and Reports for getting an insight into the technical analysis of stocks, Books and Movies (again on Financial Sector - VCD/DVD are also available for tutorials), Gifts liks Soft toys, Apparels, Wallets, Shirts, etc., Home Appliances and Electronics like Mobile Phones, Consumer Electronics, laptops, etc.

Appears to be a one-stop online shop for various things - Reliance MoneyMall
Yes. Reliance MoneyMall is primarily into selling of the financial products, but it semms that they are going to extend into other areas as well. The reason might be because they may want to tap the online shopping market, which is still in nascent state in India.
FutureBazaar has launched its site for online shopping and they are also offering telephonic shopping. ADAG led Reliance MoneyMall will be a major copetitor to it. Then there is also a lot of competition for the elder brother Mukesh Ambani led Reliance Mart, which is also in Retail Shopping.

What is the process of buying through Reliance MoneyMall site
As any standard site, one has to register on the site. Select your product category and go ahead and make the payment for the items in your shopping cart.

What other partner products are available on Reliance MoneyMall?
There are all ADAG group partners as listed on their site. Reliance Capital, Reliance Money, Reliance General Insurance, Reliance Mutual Fund, Reliance Life Insurance, Microsoft and Standard are listed as the partner groups and sites. So all the insurance products, Financial Products and may be even software from Microsoft will be available for online purchase. Then, this is just the beginning. You may see a lot more items and categories which can add to the shopping list.

J P Morgan Lay off Job Cut: may fire 3000 employees

Another financial giant is going to go for a big Job Cut or Lay off. It's the JP Morgan, another wall street bank which is into the business of investment management and other financial activities which has decided to go for a job cut. It may go for the Lay off or job cut very soon. J P Morgan Lay off Job Cut

The news of around 3000 Job Cuts by J P Morgan went otherwise for the share prices, which went down the its lowest prices in the last 5 years.

How many employees will be affected by the J P Morgan Lay off Job Cut
There may be around 3000 lay offs, which will constitute around 10% of the global work force of JP Morgan.

At what level and which regions will J P Morgan Lay off Job Cut be done?
As per the news source, the Lay off will be done at all levels and in all geographical regions.

What are the reasons for J P Morgan Lay off Job Cut?
Witnessing what is happening in the US markets since January 2008, does anyone need any reason for why companies in the financial sectors are going for lay offs? It's all the credit crunch, the market pressure and mounting losses.In recent calls with investors and analysts, JPMorgan's Chief Executive Jamie Dimon warned about possible losses from exposure to consumer debt.

What is the employee strength of J P Morgan as of now?
Recently, JPMorgan's investment bank had about 31,000 employees, including around 6,000 added with the acquisition of Bear Stearns Cos. in March. The bank has also added about 40,000 staff through its acquisition of failed thrift Washington Mutual Inc. At the end of September, the bank's total head count was 228,452.

Will the J P Morgan Lay off Job Cut affect any salaries?
Yes, There are news that JPMorgan may freeze the base salaries for the coming year for most employees who earn more than $60,000 to $70,000.

Let's hope that alternative jobs are available to the affected employees of J P Morgan Lay off Job Cut.

ArcelorMittal Lay off Job Cut: may fire 2444 employees

The bad news of layoffs have started coming in from all corners of the world. THe latest one to add to the list is from the biggest steel company of the world called ArcelorMittal which is reported that there is a big possibility that it may have to cut the workforce by around 2500 employees. It may go for the Lay off or job cut very soon. .ArcelorMittal Lay off Job Cut

The company has reported that around 2,444 employees at its Burns Harbor plant in the U.S. could be laid off indefinitely in January.

How many employees will be affected due to the ArcelorMittal Lay off Job Cut?
Arouond 2444 employees will be affected if ArcelorMittal goes for a Lay off Job Cut.

Which plant location will the ArcelorMittal Lay off Job Cut happen?
The Job cut might happen at Burns Harbor plant in Indiana in the U.S.

When will will the ArcelorMittal Lay off Job Cut happen (date)?
The lay offs will start in January 2009, which will mean a very bad start to the New Year for the affected employees, if any.

What has led to the ArcelorMittal Lay off Job Cut?
Same old reasons are being cited by the management- Global recession, drop in demand of steel, drop in steel prices, and so on. Ultimately, all it means that job cuts will be there.

Any other updates for ArcelorMittal Lay off Job Cut ?
As per the news, The release said the company had notified the United Steelworkers and other stakeholders "about the potential for an indefinite layoff" of employees at the facility beginning in the second half of January.

"Potential work force reductions are a direct result of the extraordinary economic environment we are facing, and the company hopes to return workers to their jobs as market conditions warrant," the release said, the Web site reported.
Jim Robinson, director of United Steelworkers District 7, said the union is negotiating with ArcelorMittal to minimize the number of layoffs, the Web site reported.

Let's hope that alternative jobs are available to the affected employees of ArcelorMittal Lay off Job Cut.

Philips Electronics Lay off Job Cut: fires 1600 employees

The bad news of layoffs have started coming in from all corners of the world. THe latest one to add to the list is the Netherlands or Holland Based electronics giant Philips Electronics which is going to go for a big Lay off or job cut, as it will fire 1600 employees.Philips Electronics Lay off Job Cut
How many employees will be affected in the Philips Electronics Lay off Job Cut
Around 5% of the employee strength will be asked to go. That means around 1600 employees will be laid off by Philips.

Which sectors will get affected in the Philips Electronics Lay off Job Cut
The sector which will see the lay off is the Medical division sector.

Which regions of the world will be affected by the Philips Electronics Lay off Job Cut
The lay offs will happen on global basis. As per the news, Most of the medical division employees are based in the United States "but this does not mean that workers will lose jobs where they are most in numbers."

What are the latest financial results of Philips Electronics?
Philips reported net income of 357 million euros in the third quarter of this year, 7.8 percent higher than the previous quarter, and sales of 6.3 billion. But then, it was the economic slowdown which has been bugging the industry since the begining of 2008, and that is what is leading to lay offs.

Let's hope that alternative jobs are available to the affected employees of Philips Electronics Lay off Job Cut.

Special Casual Leave for employees with Disability: Sixth Pay Commission

The latest news on the Sixth Pay Commission: It is regarding the Special Casual Leave for employees with Disability. Below, we presnt the text as it appears on the Office Memorandum Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training. Though utmost care has been taken to replicate the text as it is, but E&OE. Wikipedia on Sixth Pay Commission Ministry Site. Sixth Pay Commission Special Casual Leave for employees with Disability
Subject: Sixth Central Pay Commission Recommendation - Special dispensation in the form of Special Casual Leave to Central Government Employees with disabilities.

The undersigned is directed to say that the Sixth Central Pay Commission had recommended that the number of Casual Leave available for employees with disabilities should be 12 days as against 8 days for other employees and it has been decided that the additional benefit of 4 days leave shall be granted in the form of Special Casual Leave. The undersigned is accordingly directed to convey the sanction of the Government that Central Government employees with disabilities as defmed in the Persons with Disabilites (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 may be granted Special Casual Leave for 4 (four)days in a calendar year for specific requirements relating to the disabilitiy of the official.

These orders will be effective from September 1, 2008

Government School employees get allowance: Sixth Pay Commission

The latest news on the Sixth Pay Commission: It is regarding the Payment of allowance to Government School employees of Uttar Pradesh UP. It is the election year and the government will leave no stone unturned to prove that they are the best ones to care for the people especially the government employees, whatever burden it has on the nation's economy. Wikipedia on Sixth Pay Commission SiteSixth Pay Commission Government School employees get allowance
How many employees will benefit from the Payment of allowance to Government School employees?
Around 16 lakh employees are expected to benefit from the Payment of allowance to Government School employees.

What decisions led to the Payment of allowance to Government School employees?
It was the government’s pay parity committee which had advised about the payment of allowances as per the Sixth Pay Commission recommendations.

What all will be included in the Payment of allowance to Government School employees
The Payment of allowance to Government School employees is expected to cover the city compensatory allowance and house rent allowance HRA.

When will this come into affect?
It is learnt that the revised pay scale will come into affect from December 1, 2008 onwards. However, this is expected to cost the state an additional burden of Rs. 1500 Crore.

Anything which is left out in the Payment of allowance to Government School employees?
As of now, there is no information about the arrears and pensions. However, it is expected to be taken up in February during the budget session.

As per the news on expressindia, The arrears and pensions for the period of January 2006 to November 2008 would entail a one-time additional expenditure of Rs 14,775 crore. The salary arrears amount to Rs 11,051 crore and Rs 3,724 crore for pension.

The implementation will be done with retrospective effect from January 1, 2006. The additional expenditure will be Rs 5,189 crore annually, which includes Rs 3,789 crore on account of salary and Rs 1,400 crore for pension.

Welfare and development schemes are expected to suffer in consequence.

As an immediate measure, the state government has decided to cut down non-plan expenditure by five per cent, ensure effective measures to check tax evasion and mobilise additional resources.

In August, Mayawati had announced the government’s in-principle decision to implement the sixth pay panel recommendations.

But the new pay scale was to contain only the revised salary and dearness allowance. The change of stance came following strong protest by the employees’ unions.

CBDT, CBEC are now Special Seceratary Rank: Sixth Pay Commission Pay Hike

The latest news on the Sixth Pay Commission: It is regarding the CBDT, CBEC & IRS department employees. It is in continuation of our previously reported article on 11th November, where we mentioned about the IT Income Tax, Customs, Excise IRS Officers Pay Hike unrest and the good news is that the government has agreed to upgrade their ranks. Wikipedia on Sixth Pay Commission SiteSixth Pay Commission CBDT, CBEC are now Special Seceratary Rank

As per the news, the government has agreed to promote the posts of the employees of the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) to a new post. This new post will be equivalent to the level of Special Secretary.

What will be the new salary for the Special Secretary rank for CBDT & CBEC?
The new promoted post of special secretary will earn a fixed monthly basic pay salary of Rs. 80,000 per month.
THis was reported by the Minister of State in the Prime Minister’s Office Prithviraj Chavan.

All this development happened when the members of the IRS or Indian Revenue Services department Association expressed unrest about the implementations of the sixth pay commission for their department.

The CBDT is responsible for collection of direct taxes including income tax and corporate tax, while the CBEC collects customs, central excise and service tax.
Apart from chairman, there are six members in the CBDT and five members in CBEC

PSU Employees Pay Hikes approved by Cabinate: Sixth Pay Commission Pay Hike

The latest news on the Sixth Pay Commission: It is regarding the Pay Hike for PSU Employees. It is in continuation of our previously reported article on 26th October, where we mentioned that there can be a Pay Hike for PSU Employees and the good news it has been approved by the cabinate. Wikipedia on Sixth Pay Commission SiteSixth Pay Commission PSU Employees Pay Hikes approved by Cabinate
It is the time when all the employees in the private sector, especially those burdened with loans, are wishing not to loose their jobs. Their counterparts in the government companies like the PSU or Public Sector Undertaking companies, are laughing all the way. Any why shouldn't they, because today the cabinate has given its approval to hike the salaries of employees of the Government PSU.

How many employees will benefit from this PSU Employees Pay Hike?
Around 2.5 lakh employees are expected to benefit from the PSU Employees Pay Hikes.

Which company employees will benefit from the PSU Employees Pay Hike?
It is learnt that more than 200 company employees will beenfit from the PSU Employees Pay Hike. However, some news sources have quoted the no. of companies to be around 270. Though there are doubts about it.
PSU Pay Hike Image Courtesy: The Hindu.
Which date will PSU Employees Pay Hike be effective?
The new compensation package become effective from January 1, 2007.

What range is the PSU Employees Pay Hike offered?
As per the news the basic pay of chiefs of central PSUs will now range from Rs 55,000 to Rs one lakh.
Performance-related incentives and stock options could also be part of the revised pay package. The government’s decision is aimed at stopping the switching of jobs of talented CPSU employees to the private sector.

What other benefits can be expected by the PSU Employees Pay Hike?
The pay hike package will include revision in dearness allowance performance related-incentives and other perks, said Prithviraj Chavan, Minister of State in Prime Minister's Office. Money for the pay hike would come from individual companies.

There are 247 central public sector undertakings, of which 216 are in operation. The companies employ around 16,14,000 people, of whom 12,36,000 negotiate their wages directly with their respective companies.
However, it is reported that only Profit making PSU employees will be given a PSU Employees Pay Hike. Not sure whether this news is true and whether the loss making PSU employees will have any pay hike.

Chrysler GM Merger: Will Chrysler Merge with General Motors??

As per the news flashing on various sites like the CNBC are to be believed, then Chrysler is all set to go for a merger with General Motors GM, provided the US government comes out with a Automaker Bailout package. Chrysler GM Merger

Given the turbulent situation market is currently facing, there are attempts from the 3 major automakers of the US to get the US government bailout package for the Auto Industry. If that happens, the the merger of Chrysler with GM will be a possibility.

Reports say that there are discussions already going on at some levels between Chrysler & GM and it will start at a rapid pace if the government approves the Automaker bailout package.
Though there are serious doubts about whether the US government will provide the much required bailout for the auto industry.
It is understood that General motors GM will be unable to survuve without any funding from the government. Then, comes Chrysler which is said to be unable to continue on its own. So a merger is a strong possibility.

Buying Car on Loan: Margin Money increased

Few weeks back, we has reported that for Auto Loan Car Loan: Interest Rates will be decided by Credit Profile. Now, people who were happy to thrive on loans for buying the luxuries of life on loan will find that getting a Car Loan or Auto Loan has become more demanding and more difficult. Auto Loan Car Loan

The reasons are many.
First, the interest rates has risen significantly. Though Car Loan Auto loan interest rate is comparitevely cheaper, beacuse the car itself is used as a collateral, but it is a luxury or accessory which depreciates in value as the time goes by. So, the high rates of interest have hit the car buyers on loan significantly.

Second, the credit profile or Credit Rating of an individual will be deciding the interest rates which you need to pay. That again is subjective and depends on the loan offering organization.

Third, there is a requirement for margin money -this is the margin money which needs to be brought in upfront. The bad news is that major loan offering players like the Private sector banks have quietly hiked the margin requirement by as much as 10 percentage in the past few weeks.

What this means, say if you want to buy a mid-size luxury car which may cost somewhere like 500,000. So apart from the loans, you are required to put in some money upfront from your side. Some weeks back, it used to be only 5% and now it has gone up to 15% or 20% by some banks. It means that if for a 500,000 Rs. car, initially you were required to pay only 25,000 as margin money from your side and rest through the loan. But now you will be required to pay 75000 or even 100,000 as margin money, so your loan amount available to you will be less.

Why is this happening
Well, banks are running for cover due to the global economic turmoil. They are running short of cash. The interest rates have increased so banks need to keep a lot more money as reserve with the central banks of the respective country. Hence, there is a problem of liquidity in the market and therefore not much money is available. So the banks are expecting the loan borrowers to shell out more money from their side and take loans of smaller amounts. However, these loans are offered at high interest rates.

TOI had an article in last few days, where it mentioned that "for a car buyer is that he should shell out 60,000 upfront for a compact car as against 20,000 earlier and increases correspondingly for bigger cars. Till recently, car financiers used to finance upto 100% of on road price of car.
"This is not all. In most cases, car financiers have brought in tighter disbursal norms, making a purchase a Herculean task. I know of a case in Coimbatore, where a buyer was asked to show property in his name to avail of a loan for a small car. And more so, after all paper work, the lender disbursed only 85% of the car value," sources said. A section of market feels that rising interest rates actually don’t hurt sales that much. A 50 basis points or half per cent increase on a one lakh rupee car loan for a tenure of three years would translate into a monthly of a mere Rs 36, they say.

BASF Chemicals Lay off Job Cut: fires 20000 employees

Just few days back, it was Citibank which created history with 53000 layoffs and now its BASF Chemicals, which has decided to fire 20,000 employees. The financial turmoil is taking a big toll on all the sectors of the world. The Chemical company BASF Chemicals has deiced to go for a big BASF Chemicals Lay off or Being Job Cut. The latest one to add to the list of lay off or Job Cuts is the BASF Chemicals , which is reported to have laid off around 20000 employees.

BASF Chemicals Lay off Job Cut

As per the news, The BASF Chemicals Company which is the worlds largest chemical maker, plans to cut 20,000 jobs.

How many plants will be affected with the BASF Chemicals Lay off Job Cut?
It si reported that there will be production cuts at around 180 plants

What are the major reasons for this BASF Chemicals Lay off Job Cut?
Global recession which has led to price rise and decrease in demand from many major cutomers is forcing BASF to cut down the costs.

How many BASF Chemicals Plants will be shut down?
BASF said it was temporarily shutting 80 plants worldwide and cutting production at another 100. production cuts primarily applied to plants serving the automotive, construction and textile industries. BASF has two small plants in the UK, in Derbyshire and on Deeside. It was unclear yesterday if they would be affected.

Will this hit the earnings & profits of BASF Chemicals?
Yes -definitely. The EBIT cannot be expected to match the previous years levels. Nor will last year earnings be up to the mark.

Let's hope that alternative jobs are available to the affected employees of BASF Chemicals Lay off Job Cut.

Boeing Lay off Job Cut: fires 800 employees Wichita

The financial turmoil is taking a big toll on all the sectors of the world. The high and volatile prices of oil has seen many airlines come down crashing and now the aircraft company Boeing has deiced to go for a big Boeing Lay off or Being Job Cut. The latest one to add to the list of lay off or Job Cuts is the Boeing , which is reported to have laid off around 800 employees.Boeing Lay off Job Cut
As per the news, The Boeing Co. plans to cut 800 jobs.

Which location will the Boeing Lay off Job Cut be done?
The Boeing Lay off Job Cut will be done at Integrated Defense Systems facility in Wichita, Kansas.

When will the Boeing Lay off Job Cut be conducted?
The Job cutting will happen in next year 2009, which means that the new year will not be good for many employees.

Which employees will get affected by the Boeing Lay off Job Cut?
The layoffs will impact managers, salaried and hourly workers.

What are the primary reasons of Boeing Lay off Job Cut
Boeing tried to justify the the cuts mentioning that were due to the delay in the U.S. Air Force tanker-replacement program.

Boeing will deliver 60-day layoff notices to approximately 76 employees Friday. Their last day of work is scheduled for mid-January. The company will deliver the rest of the layoff notices throughout 2009, with most occurring in the first half of the year.

Boeing Wichita today has a employee strength of 3,000 people.

A unit of The Boeing Co., Integrated Defense Systems is one of the world's largest space and defense businesses. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.1 billion business with 71,000 employees worldwide.

Let's hope that alternative jobs are available to the affected employees of Boeing Lay off Job Cut.

Judges Pay Hike - Finance Min objects: Sixth Pay Commission Pay Hike

The latest news on the Sixth Pay Commission: It is regarding the Pay Hike for Judges. It is reported that the Finance Ministry is not satisfied with the demand of the pay hike by judges
Wikipedia on Sixth Pay Commission SiteSixth Pay Commission Judges Pay Hike - Finance Min objects

It is reported that the plan of the higher judiciary asking for more than 3 times hike in their salaries especially for the members of the higher judiciary has not gone down well with the Union Finance Ministry.
We has reportedfew days back that the Judges have Demanded Pay Hike which was initiated by the Chief Justice of India writing a letter to the Law ministry. Now, the news on that is Fin Min is not happy with the request of the Judges Pay Hike.
According to sources in the Finance Ministry, it has recommended a cut in the salary structure proposed by a three-judge committee constituted by the Chief Justice of India (CJI).
However, the Union Law Ministry is said to be agreeing with the 3 times pay hike demanded by the Judges. So there seems to be a difference of opinion between the Finance Ministry and the Law ministry and hence the matter will then go to the Union Cabinet in its meeting on Thursday to resolve the issue.

What will happen futher with regard to the Judges Pay Hike?
Once the Cabinet takes a call on the issue, a Bill would be introduced in Parliament as salaries of higher judiciary are governed by an Act of Parliament.

As per the news, the committee comprised of Justices Ashok Bhan (now retired) and Altamas Kabir of the Supreme Court and Madras High Court Chief Justice (CJ) A P Shah, had proposed that the CJI's monthly salary be raised from the present Rs 33,000 to Rs 1.10 lakh while that of his brother-judges and CJs of High Courts be hiked to Rs 1 lakh from the present 30,000.

As per the proposal, sitting judges of various High Courts were to receive Rs 90,000 per month as against Rs 26,000 that they get now.
Sources said the proposal, if accepted, would have placed the CJI at par with Governors while SC judges and HC CJs would have been placed at par with the Cabinet Secretary.

As for the sitting judges of various HCs, the Finance Ministry's proposal wants to place them in the same category as secretary-level officers of the Government of India.

The three-judge committee had also recommended a sharp hike in post-retirement benefits of judges. It has recommended that the CJI receive a consolidated salary of Rs 1 lakh per month, which is still more than what the Cabinet Secretary is to receive following the implementation of the sixth pay panel report.

The ministry has suggested that the salaries of the SC judges and HC CJs be also pared down to bring them at par with what the Cabinet Secretary of the Government of India is entitled to under the Sixth Pay Commission. Similarly, the salary of a sitting judge of the HC has also been recommended to be cut to bring it down to Rs 80,000 per month.

On the issue of sumptuary allowance, while the judges' panel had recommended a one-third hike, the ministry wants status quo. In case of furnishing allowances, while judges had sought a three-fold hike, the Finance Ministry has recommended only a two-fold hike.

With regard to pensionary benefits, while the judges' panel wanted 50 per cent of the last salary drawn plus dearness allowance (DA), the Finance Ministry has advised that the length of service be taken into consideration while deciding the pension, something that the judges' committee did not want. The ministry has also sought a limit of Rs 6 lakh per annum pension plus DA for CJI, while the limit is Rs 5.4 lakh per annum for SC judges and HC CJs and Rs 4.8 lakh for HC judges.

Since the revised pay structure would be applicable from January 1, 2006 and effective from September 1, 2008, the Law Ministry has estimated an additional expenditure of Rs 46 crore, which includes Rs 4 crore recurring expenditure per annum and Rs 42 crore as arrears. The judges' panel had said 40 per cent of the arrears be paid in the current year while the remaining 60 per cent be paid the next year.

Green Investing: Green Investments: Consider these Green stocks now!

So with the fuel price showing a lot of volatility, the environmentalist taking a cover and raising their voices against Global Warming, concerns being raised about the use of Fossil Fuels, its time for all the investors to think and work in the Green Investments sectors or invest in Green Companies.

Fortunately, there are huge number of articles on the net available about Green Mutual Funds or Alternative Energy Mutual Funds and articles by CNBC on Green Investments. Here we list a few companies which CNBC believes are worth investing in the lines of Green Investments and hopefully, in this present market turmoil, you might get a cheap bargain if you decide to invest for the long term. CNBC recommends that you may consider these stocks for Green investing or Green Investments:
Renewable Energy Mutual Funds Investments
FPL Group Utilities Based out of Florida,
FPL Group is the parent of Florida Power and Light, a utility that produces the majority of its electricity from clean and renewable fuels. With 55 wind farms in 16 states, it's counted among the leaders in wind power generation.

Hexcel Technology
Hexcel manufactures carbon fibers and other composites used in the making of wind turbines. In October 2008, the company is scheduled to open a new plant in Tianjin, China to meet that nation's growing demand for wind power.

Wal-Mart Services
Considering it's the nation's largest user of electricity, Wal-Mart might seem like an unusual green trade. However, Wal-Mart is testing diesel blends in its fleet of trucks, it's designed new milk jugs that are better for the environment and it bundles used plastic wrap and sells it for recycling.

Interface Inc.
Interface is the world's largest seller of recycled carpet. Founder and Chairman Ray Anderson was the keynote speaker at GreenWorld, a trade conference on sustainable design. He and the company are committed to taking old carpets and recycling them to produce new materials.

Sasol
Sasol specializes in coal-gasification, a process that makes coal a cleaner fuel to burn. The company is working in collaboration with China's Shenhua Group to produce motor fuel from coal by 2016.


Chesapeake Energy
Chesapeake Energy is a producer of natural gas, the cleanest burning hydrocarbon on the planet. There are already enough known natural gas deposits in North America to power the U.S. for at least the next 120 years.

Daimler
Known for super luxury cars, Daimler is also a leader in Blue Tec technology, a process that makes diesel fuel burn more cleanly.


Intel Corp
Intel might be best known as the maker of Pentium Processors but the company is also heavily involved in the solar trade. In fact, Intel's solar business is doing so well that in June of 2008 they announced plans to spin it off into a separate company called SpectraWatt.


EnerSys
EnerSys is a manufacturer of lithium-ion rechargeable batteries, the type of battery used to power hybrid electric cars. In addition the company won a contract to provide batteries for submarines.

Apogee Enterprises Services
Apogee Enterprises creates a laminate for energy efficient glass. Called CrystalGray this special glass can reduce utility bills up to 30 percent.

Canadian Solar Technology
Canadian Solar, which is incorporated in Canada but conducts all manufacturing in China, makes solar cells that convert sunlight into electricity. In July 2008 they struck a deal with Conergy to provide modules for photovoltaic systems.

Orissa Fitment Committee revises Govt Pay Hike: Sixth Pay Commission Pay Hike

The latest news on from the Sixth Pay Commission. It is regarding the Implementation of Sixth Pay Commission Recommendations in Orissa. It is reported that the Orissa Fitment Committee which was having Development Commissioner R N Bohidar as its head, has completed the revision of pay scales or salary scales of the Orissa State Government employees.
Wikipedia on Sixth Pay Commission SiteSixth Pay Commission Orissa Fitment Committee revises Govt Pay Hike

It is learnt that the report will be submitted within a week by Bohidar who was assigned this task beign a member of the Orissa State Human Rights Commission. The work took 3 months to complete.

What will happen further with the Orissa Pay Hike as per Sixth pay Commission Recommendations?
Its not the end of the road - the report will first be sent to the Chief Minister of Orissa and after that it will be reviewed by the Finance Ministry of Orrissa. Then, there will be a requirement for State cabinate to approve the report and then something can be expected. So still a long way to go.

How did the Fitment committee work for Orissa Pay Hike as per Sixth pay Commission Recommendations?
As per the news, The committee received memoranda from Government employees service associations and discussed pay anomalies between the recommendations of the Fifth Pay Commission and the revised salaries paid to various categories of employees and other complaints relating to cadre restructuring and pay fixation accordingly from October 23 to November 4.

How much financial burden will hit the state in this Orissa Pay Hike as per Sixth pay Commission Recommendations?
Around 1400 Crore Rupees additional burden will hit the Orissa state.
Besides, the State will have to incur an expenditure of another Rs 2,100 crore as arrear dues as the revised pay will be implemented from January 1, 2006.

Related: Orissa Govt makes budget for Pay Hike

Home Secretary TK Mishra, Water Resources Secretary Aurobinda Behera, Agriculture Secretary UP Singh, Finance Special Secretary DP Dash and additional secretary KC Mishra are the other members of the committee

Child Care Leave: Sixth Pay Commission Pay Hike

The latest news on from the Sixth Pay Commission. It is regarding the Child Care Leave:
Below, we presnt the text as it appears on the Office Memorandum Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training. Though utmost care has been taken to replicate teh text as it is, but E&OE. Wikipedia on Sixth Pay Commission Ministry SiteSixth Pay Commission Child Care Leave

Subject : Child Care Leave in respect of Central Government employees as a result of Sixth Central Pay Commission - clarification regarding -

The order regarding introduction of Child Care leave (CCL) in respect of Central Government employees were issued vide this Department's O.M. of even number dated 11th September, 2008. Subsequently, clarification in this regard were also issued vide O.M. dated 29th September, 2008.

2. Consequent upon the implementation of orders relating to Child Care Leave, references has been received from various sections regarding the procedure for grant of this leave etc. In this connection, it is mentioned that the intention of the Pay Commission in recommending Child Care Leave for women employees was to facilitate women employees to take care of their children at the time of need. However, this does not mean that CCL should disrupt the functioning of Central Government offices. The nature of this leave was envisaged to be the same as that of earned leave. Accordingly, while maintaining the spirit of Pay Commission's recommendations intact and also harmonizing the smooth functioning of the offices, the following clarifications are issued in consultation with the Department of Expenditure (Implementation Cell) with regard to Child Care Leave for Central Government employees:-

i) CCL cannot be demanded as a matter of right. Under no circumstances can any employee proceed on CCL without prior proper approval of the leave by the leave sanctioning authority.

ii) The leave is to be treated like the Earned Leave and sanctioned as such.

iii) Consequently, Saturdays, Sundays, Gazetted holidays etc. falling during the period of leave would also count for CCL, as in the case of Earned Leave.

iv) CCL can be availed only if the employee concerned has no Earned Leave at her credit.

Citibank Lay off Job Cut: fires 52000 employee & creates history

It was in March when there were reports that CitiBank fired Employees. The financial turmoil is taking a big toll on all the sectors of the world, especially the financial sector and no geographical location is shielded from it. The latest one to add to the list of lay off or Job Cuts is the Citi Bank , which is reported to have laid off around 53000 employees as a measure of cost cutting. Citibank Lay off Job Cut

CitiGroup has set the world record of making the second largest job cut in the world - firing around 52000 or 53000 employees across the globe
The previous record was of IBM, which annouced 60,000 people to be laid off in 1993.

WHat imp[act will the Citi Bank Lay off Job Cut have on economy?
It is expected to have a lasting impact not only in the financial sector, but also in the other sectors as this will directly affect them. Finance, IT, construction , real estate, which all require funding, will get affected.
Especially, the US economy, primarily the New York market, will see a lot of turmoil and problems.

Why are these big layoffs being made by Citi Bank Lay off Job Cut
The main reason is that there is nothing in sight for a short term revival in the economy. With Europe and Japan already declaring recession, the perception has gone worse. So these Citi Bank Lay off Job Cut are being made so that the expenses are cut and then there can be enough space for future hiring,, as and when it is required, if signs of economic revival are seen.

How much savings can be made due to the Citi Bank Lay off Job Cut
The operating costs of Citibank is expected to come down to around 50 billion USD per year, after the Citi Bank Lay off Job Cut.

What has happened with the CitiBank stock price after the Citi Bank Lay off Job Cut
The stock price took a nose dive and went down 7% on Monday. The stock is down 70% this year and trades at levels unseen since 1996 due to billions in mortgage-related losses over the past 12 months.

Let's hope that alternative jobs are available to the affected employees of Citi Bank Lay off Job Cut.

HSBC Lay off Job Cut: HSBC fires India employees

It was in September when there were reports that HSBC fires 1100 Employees. The financial turmoil is taking a big toll on all the sectors of the world, especially the financial sector and no geographical location is shielded from it. The latest one to add to the list of lay off or Job Cuts is the HSBC Bank in India, which is reported to have laid off many employees as a measure of cost cutting. HSBC Lay off Job Cut

In these times of slowdown most organizations are following the practice of cost-cutting and turning off employees. Even HSBC India has unwaged employees from its recently acquired broking house in Mumbai, Investsmart.

Which division of employees are affected in the HSBC Lay off Job Cut
Employees in the merchant banking and institutional business divisions of Investsmart have been laid off by the company.

How many employees have been asked to leave due to HSBC Lay off Job Cut
Many employees have been offered an alternative job, but some have been asked to march out. It is reported that the no. of such employees is around 15 to 20.
HSBC India has sent the employees on a paid leave of one month and plans to terminate their employment if the employees do not quit during this notice period.

What have been the development of HSBC recently?
In May 2008, HSBC India acquired Investsmart by taking over the stake of US-based online broking firm E*trade and IL&FS.
The employees are complaining that many high profile and high earners are being retained but many other low earners are facing job cuts at the expense of the former.

Let's hope that alternative jobs are available to the affected employees of HSBC India Lay off Job Cut.

Encashment of Earned Leaves: Sixth Pay Commission Pay Hike

The latest news on from the Sixth Pay Commission. It is regarding the Encashment of Earned Leaves:
Below, we presnt the text as it appears on the Office Memorandum Ministry of Personnel, Public Grievances and Pensions Department of Personnel & Training. Though utmost care has been taken to replicate teh text as it is, but E&OE. Wikipedia on Sixth Pay Commission Ministry SiteSixth Pay Commission Encashment of Earned Leaves

Subject: Rocommendations of the Fifth Central Pay Commission - Decisions relating to Enhancement of the ceiling on accumulation and encashment of Earned Leave in respect of Central Government employees.


The undersigned is directed to say that constituent upon the decisions taken by Government on the recommendations of the Fifth Central Pay Commission relating to leave, the President is pleased to decide that h'1Q existing provisions of the Central Civil Services a.save) Rules, 1972.may be modified as follows in respect of civilian employees of the Central Govemment:-

(a:) The existing ceiling of 240 days on accumulation of earned leave provided in Rules 26 & 28 ibid shrill be ~nhcmcoo to 300 days:

(b) The existingceiling of 240 days for availing of the benefit of encashment of unutilised earned leave shall be increased to 300 days in respect of the following categorles:

(i) Retirement on attaining the age of super annuation [Rule 39(20]

(ii) cases where the service of a Government servant has been extended in the interest of public Service beyond the date of retirement on superannuation [Rule 39(4)];

(iii) Voluntarty/ pre-mature retirement [Rule39(5)]

(iv) where the services of a Government servant are terminated by notice or by payment of pay & allowances in lieu of notice, or otherwise in accordance with the terms and conditions of his appointrnent [Rule 39(6)(a)(i) ];

(v) in the case of tarrnination of re-empioyrnent after retirement [Rule 39(6) (a) (iil) ];

(vi) in the case of death of a Govemmont Servant while in service, to the Family the deceased [Rule 39A]

(vii) in the case of lec.1e preparatory to retirement [sub-rule (l) of Rule 38];

(viii) in the case oi transfer of a Government servant to an industrial establishment [Rule 6]; and

(ix) on absorption of a Government servant in the Central Public Sector Undertaking/autcmomcus body wholly or substantially owned or controlled by the Centrall State Government [Rule 39D];

(c) A Government servant who resigns or quits service shall be entitled to Cash equivalent in respect of earned leave at credit on the date of cessation service, to the extent of half of such leave at his credit, subject to a maximum of 150days mule 39(6)(a)(ii)).

2. The above orders will be effective from 1 July 1997.

3. The Fifth Pay Commission has also recommended that all employees may be permitted to encash 10 days earned leave at the time of availing of Leave TravelConcession, subject to the conditions that:-

(a) the total leave so encashed during the entire career does not exceed days in the aggregate;

(b) earned leave of atleast an equivalent duration is also availed simultaneously by the employee;

(c) a balance of at least 30 days of earned leave is still available to the of the employee after taking into account the period of encashmen t CIS
as leave; and

(d) the period of leave encashed shall be deducted from the quantum of leave that can be normally encashed by him at the time of superannuation,

This recommendation has also been accepted by the Government and, according encashment of earned leave may be cLllowed by the Ministries/Departments subject to prescribed conditions. 'The total encGshment of Earned Leave allowed to a Government servant alongwith LTC while in service and as per the provisions of the Central Service (Leave) Rules, 1972, should not exceed the maximum limit/ceiling of 300 or 150 days, as the case may be, .

5. The orders as per paragraphs 1 to 4 above shall also apply to Government servants serving in Vacation Departments.

6. Formal amendments to the Central Civil Services (Leave) Rules, 1972, are to be issued separately.

7. In so far as persons uerving in the Indkm Audit and Accounts Department concerned,these orders in consulation with the Comptroller and Auditor General of India.

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