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Tag: Employees

EPFO fixes 8.25 percent interest rate on Employees Provident Fund for 2023-24

The interest rates on Employees Provident Fund (EPF) deposits for 2023–24 were set by the Employees Provident Fund Organization (EPFO) on Saturday at 8.25 percent, the highest rate in the previous three years. The interest rate on EPF was 8.10 percent in 2021–2022; however, EPFO raised it slightly in March 2023 to 8.15 percent for 2022–2023.

“The apex decision-making body of EPFO, ‘Central Board of Trustees’ (CBT), in its meeting on Saturday, has decided to provide 8.25 percent interest rate on EPF for 2023-24,” according to a source.

The Finance Ministry will be consulted before approving the CBT’s decision regarding the interest rate on EPF deposits for 2023–2024. The interest rate on EPF for 2023–2024 would be deposited into the accounts of over six crore EPFO subscribers following the government’s approval.

Every year, EPFO makes the interest rate on PF accounts for workers in the private sector known. The Employees Provident Fund Organization is home to almost 7 crore workers. The Finance Ministry makes the ultimate judgment after determining EPFO’s interest.

More than 1000 employees laid off in Paytm, Artificial Intelligence is the reason for layoffs

Paytm Layoffs: There has been news about the fintech firm Paytm, stating that the company has once again chosen to fire its staff. Simultaneously, indications of how artificial intelligence would affect employment have begun to appear. In this round of layoffs, Paytm reportedly let go of almost 10% of its whole workforce.

This time, One97 Communications, the parent firm of Paytm, reportedly let go of over 1000 employees, according to an ET report. According to the ET news, which cited two relevant sources, these layoffs occurred within the last few months, affecting workers from different Paytm divisions.

Paytm reportedly carried out this layoff to lower expenses and restructure its many companies.

Paytm’s decision to discontinue its “Buy Now Pay Later” service and exit the small loan market is thought to be the reason for this layoff. The Reserve Bank of India (RBI) recently released new guidelines aimed at curbing the nation’s rising amount of unsecured loans. Following this, banks’ ‘Buy Now Pay Later’ service—which is utilized for credit card issuance, personal loan distribution, and the purchase of the majority of electronics—has been impacted.

Lok Sabha Secretariat suspends seven personnel over Parliament security incident

Parliament Security Breach Updates: On Wednesday, there was an important breach in Parliament House security. While the House was in session, two young people sprang from the audience gallery among the MPs within the Lok Sabha.

Following the security lapse incident, there has been an increase in security in Parliament. MPs are the only ones allowed to enter the Parliament House through Makar Gate and all persons entering the building must remove their shoes before entering. As a result of yesterday’s security lapse, seven Lok Sabha Secretariat employees have been suspended.

Union Minister Kaushal Kishore stated, “The lapse in security is unfortunate,” in response to opposition MPs’ demands for a comment regarding the security lapse incident. Additionally, the Speaker declared that the House Lok Sabha Secretariat, not the government, is in charge of security.” As a result, Amit Shah ji is in no position to comment on this.

Delhi government’s Diwali gift to employees, bonus of Rs 7000 to 80000 employees

Before Diwali, the Delhi government gave its staff an extensive gift. The bonus was announced by Arvind Kejriwal, the chief minister. He is awarding Group B and Group C Delhi Government employees bonuses of Rs 7000.

“Today I have good news for my family, the employees working for the Delhi government,” declared the Chief Minister. The most significant duty among all the work the Delhi government has completed in the last eight years, ranging from infrastructure to health and education, is that government personnel have contributed. We have turned Delhi into a city of dreams because of the dedication of these workers. Since this month is festival season, we are paying all of our Group B and Group C employees between Rs. 7000 and Rs. 7000 in wages. adding a bonus.

Additionally, CM Kejriwal has wished all of the staff members and their families a happy Diwali in early.

CM Kejriwal continued, saying, “The Delhi government has made this decision. The Delhi government currently employs about 80,000 people, and providing this bonus will cost roughly Rs 56 crore. It is imperative for governments to safeguard the lives of its workers. Always aimed to get better.”

Meta is launching an AI chatbot ‘MetaMate’ for its employees, trained on internal data

The ‘Metamate’ artificial intelligence (AI) chatbot, which was developed by Meta and trained on internal data, is apparently being made available to its workforce.

According to The Verge, the new AI chatbot uses corporate data to assist staff members in writing code, debugging features, and summarising meetings.

The business is currently introducing this tool to a select number of employees. The business was forming a new “top-level” product team “focused” on generative AI, according to an announcement made by Meta CEO Mark Zuckerberg in February of this year.

Digital intelligence company SimilarWeb laid off 6% of its workforce

A new round of layoffs at the digital analytics company Similarweb will result in the departure of around 60 employees, or about 6% of its whole workforce. The majority of the layoffs involve workers who are based outside of Israel.

The reductions were disclosed along with the company’s first-quarter 2023 earnings.

When Similarweb released its statistics for the third quarter of 2022 in November of last year, it announced the layoff of 10% of its team or roughly 130 individuals.

Intel will be layoffs its workforce to reduce costs

On Monday, semiconductor chip manufacturer Intel confirmed that it plans to cut its workforce to reduce costs amid a wave of layoffs in the tech industry.

In order to maintain long-term growth, the company noted the necessity to accelerate its plan in a difficult macroeconomic climate while continuing to invest in key parts of its operations, like its manufacturing facilities in the United States.

In response to a decline in personal computer sales, Intel posted its greatest quarterly loss in corporate history last month. The first quarter’s net loss was $2.8 billion while revenue decreased by 36% from the prior year.

Cognizant says to lay off 3500 employees to avoid fall in revenue

According to Cognizant, its 2023 estimates for revenue are projected to be lower. Cognizant will reduce costs by firing 3,500 workers and giving up millions of square feet of office space in order to address this.

3,500 employees of the tech business Cognizant will soon receive their pink slips, according to Moneycontrol. The IT giant’s CEO, Ravi Kumar S, announced plans to layoffs thousands of workers to cut costs.

The research also notes that the firm’s 14.6 percent margins are among the lowest in the sector.

US-based software company – Hyland Software will layoffs around 1,000 employees

The flood of layoffs appears to have no stop. Hyland Software, a US-based software company with a location in Kolkata, is the newest company to join the wave of layoffs.

About 1,000 employees will be laid off, or about 20 percent of the company’s workforce. Hyland’s registered office is located at Rajarhat’s DLF IT Park.

William Priemer, president and chief executive officer of Hyland, identified organizational reorganization as the cause. According to him, they are reducing management layers, changing team sizes, and redistributing duties among various levels and departments.

Amazon is laying off an additional 9,000 employees in the second round

Adding to the 9,000 layoffs already announced by Amazon.com Inc., this is the company’s largest round of layoffs ever.

Following the completion of the second phase of its operating plan, Amazon has chosen to fire another 9,000 employees. The business has made the decision to let 18,000 employees go in January. The massive e-commerce company has now cut 27,000 jobs in total. The company’s largest layoff has ever occurred.

The changes, which would mostly impact the Twitch live streaming service business, Amazon Web Services, human resources, and advertising units, were announced internally on Monday by CEO Andy Jassy.

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