Satyam salary freeze rumors: Staff salary put on hold: Finance Trading Times

Satyam salary freeze rumors: Staff salary put on hold

Here is the latest news on Satyam. In another big setback to the employees of Satyam, there is more shocking news. The Salary of Satyam employees may be put on hold for 2 months. This news has come at the back of the news that there may be massive layoffs in Satyam, to the tune of 15000 employees being fired, after the chairman Ramalinga Raju admitted fraud and resigned. Satyam Salary Rumors

The company needs more than 500 Crore Rupees per month just to pay the salaries. However, with the Satyam fraud coming out in open, there is no respite for the employees. The CFO or Chief Financial Officer has quit after Raju's resignation and that's when the news & rumors started about Satyam being unable to pay the salaries for the next months.

Related: Satyam Lay off Job Cut: Fires 4500 employees September

Yesterday, there were some rumors about the Government coming to the rescue of the Satyam Employees in case there is a problem with Salary Payments. No further information is available from any sources about how the situation will be handled.

More so, certain employees on condiciton of anonymity have mentioned about their fears of facing imminent layoffs. Some claim that employees on bench will surely be fired, while others say that their jobs are definitely in danger, irrespective of the government plans or takeover of Satyam.
It is one the biggest setback and frauds in the Corporate India history which has tarnished the image of Indian IT companies. We can only sympathise with the employees who are going through the roughest face of their career. Let's hope that there are alternative jobs available to the employees as soon as possible or the management & government takes certain concrete steps atleast to help the employees of Satyam.
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