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Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

Finance
Private sector lender Kotak Mahindra Bank has decided on a 10 per cent pay cut for the employees earning above Rs 25 lakh per annum, in a business sustainability move amid the coronavirus pandemic, according to a communication. The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21. The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries. Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 per cent in the week to May 3, according to think-tank CMIE. What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious implications on both lives and livelihood. More impor...
FTSE chief executives ‘earn average salary within three days’

FTSE chief executives ‘earn average salary within three days’

Business
Bosses of Britain's leading firms will be paid more within three working days of 2020 than the average employees' annual wage, according to research.FTSE 100 chief executives starting work on 2 January will by 17:00 GMT on Monday have earned above the average wage of £29,559, the report says.The data was compiled by the Chartered Institute of Personnel and Development and the High Pay Centre think tank.Business Secretary Andrea Leadsom said the pay gap was "concerning".The figures - based on the latest available data - suggests the average FTSE 100 chief was paid £3.46m in 2018, equivalent to £901.30 an hour.The average full-time annual salary of £29,559 works out at £14.37 an hour, the report said, meaning that top bosses earned about 117 times their ave
Free salary negotiation classes for women aim to narrow the pay gap

Free salary negotiation classes for women aim to narrow the pay gap

Finance
When Marie Villegas, 46, an IT project manager, was about to start a new position with the Department of Defense contractor she works for, she Googled "salary negotiation tips.""I knew my responsibilities would increase, but I wasn't sure how to actually ask for more money," she said.That's how Villegas learned about a free salary negotiation session coming up that weekend in Washington, D.C., where she lives. It was geared toward equipping women with tools and tactics to lobby for more pay and better benefits.Villegas left the workshop with a plan. That same day, she emailed her manager to request a meeting. When they met, she laid out her points and he was receptive, she said, and agreed to meet her in the middle.While Villegas didn't get the $ 20,000 raise she asked for, she was offered...
Brexit: Bosses seek cut to immigrant salary threshold

Brexit: Bosses seek cut to immigrant salary threshold

Business
The next prime minister should lower the salary threshold for foreign workers in the UK from £30,000 to £20,000, a group of business and education bodies has said. They say that such a move would help to avoid "acute" skills shortages.Currently any non-EU citizen working in the UK must earn at least £30,000, but under current proposals this will be extended to EU citizens after Brexit. The Home Office said it was still consulting on the plans.The extension of the threshold was proposed in last year's Immigration White Paper, which set out the government's vision for a post-Brexit immigration system. However, the coalition - including the British Retail Consortium, business advocacy group London First, Universities UK, and UK Hospitality among others - war