Satyam to offer 40% salary
Satyam to offer 40% salary as separation package to 10,000 staff
Satyam Computer, a global IT and service provider company is all set to offer 40% of salary for six months to a majority of 10,000 excess staff as a division package being firmed up by the beleaguered IT firm, reports Economic Times.
The top management of Satyam, in discussion with its new owner Tech Mahindra, has prepared a list of around 10,000 employees, who have not been billed for over six months now. These employees are set to be offered 40% of their existing salary for six months, along-with medical insurance and provident fund. But they may eventually have to leave the firm. Non-billable employees have been short-listed, as they do not bring in any revenues to the IT firm.
Raju had hired more number of employees to increase revenues and profits of the firm, and the economic downturn has only compounded Satyam’s woes, forcing Tech Mahindra to look at a separation package for the excess staff in the Hyderabad-based outsourcer.
The board had suggested a number of options to the new management, including organisation-wide salary cuts, keeping employees on a virtual bench and sending them on a sabbatical. In the last two cases, the company would have to pay only part of the salary to these employees.
The company is in talks to a dozen out-placement firms to help people, who are laid off to find new jobs. It is also planning to tie-up with engineering colleges for PG courses and would fund employees, who wish to enrol in these programmes.
Source:- iris
