Nowadays, news of lay-offs is coming out every day in the country and the world regarding private jobs. Recently, there was news of layoffs in Microsoft, then Tata Consultancy Services (TCS) announced the removal of more than 12,000 employees. In this period of lay-offs, Infosys has brought a good news. The company has planned to hire about 20,000 college graduates in 2025 amid the growing focus on Artificial Intelligence (AI).

According to a report in The Times of India, the company’s CEO Salil Parekh has confirmed this. Parekh said, ‘We hired more than 17,000 people in the first quarter and plan to bring in about 20,000 college graduates this year.’

Focus is on AI and workforce development

Emphasizing the company’s strategic focus on AI and workforce development, Parekh said Infosys has maintained its lead by investing in both these areas. So far, the IT giant has trained about 275,000 employees at various levels in AI and digital skills.

Productivity is increasing with the use of AI

Speaking on the role of AI in reshaping business models, Parekh said, “AI allows for deep automation and insights, but it requires more effort for high-level skills”. He added that Infosys continues to expand its workforce, which reflects its long-term commitment to talent and technology.

On the automation front, Parekh said software development and productivity have increased by 5% to 15% due to AI, while customer service and knowledge-based work have seen even bigger benefits. He nevertheless stressed the importance of human oversight in complex systems. “Infosys Finacle, our banking platform, improves productivity by about 20% by combining automation with human oversight,” he said.

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Three major schemes have been announced to increase employment which will be brought under the Prime Minister’s ‘Employment Linked Incentive’.

This includes schemes for first time job seekers, jobs in the manufacturing sector, schemes to support companies providing employment. Along with this, the government has announced to provide skill training to 30 lakh youth in the next 5 years. Let us know about the three schemes in detail.

Scheme for first time job seekers:

First time job seekers or employees registered with EPFO ​​for the first time will be given one month’s salary in their bank account. This amount will be transferred in 3 installments which will be a maximum of Rs 15,000. It is estimated that 30 lakh youth will benefit from this scheme.

Also Read: Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything

Manufacturing sector will get a boost

The Finance Minister has announced in Budget 2024 to promote employment in the manufacturing sector. The government has announced to give incentives to both the employee and the employer under this scheme. This benefit will be available to both the employee and the employer for the first 4 years of starting the employment.

Support to employers

The central government has also announced a support scheme for companies providing jobs and employers. Employers providing jobs up to one lakh per month will be given a monthly assistance of up to three thousand rupees, which will go towards the employee’s EPFO ​​contribution.

The post Budget 2024: Government will give 15 thousand in EPFO ​​account, know how ? first appeared on Rightsofemployees.com.

Now a new update has come on this. Labor Minister Bhupendra Yadav told CNBC Awaaz that the proposal to increase the interest rates on EPF for the year 2022-23 has been sent to the Finance Ministry. He further told that we are waiting for the green signal from the Ministry of Finance as soon as the approval is done.

If you do a job, then some part of your salary would also go to the Employees Provident Fund Organization (EPFO). 12% of your basic salary and DA goes to EPF and the same amount is also deposited by your company.

The Labor Minister says that 30 crore unorganized sector people have been registered on the e-Labour portal. This has become possible because of Jan Dhan Aadhaar and mobile revolution. In the last 9 years, there was an increase in employment of around 1.25 crore. Ensuring social security for the working class is a priority. Along with giving security to women at the working place, many facilities and benefits were given.

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According to the latest survey of Korn Ferry, the increase in the salary of the performers will be much higher for those employees who are performing better. Companies are focusing on retaining critical and key talent through various talent management steps and compensation plans.

The figure was 6.8 percent in 2020.

The survey covered 818 organizations with over 800,000 employees. According to this survey, in 2023, there is an estimate of 9.8 percent increase in salary in India. In the year 2020 affected by the epidemic, the salary increase was much less than 6.8 percent, but the current growth trend reflects a strong and better situation.

Technology expected to grow at over 10 per cent In line with India’s increasing focus on building digital capability, the survey projects growth in the life science and healthcare and high technology sectors at 10.2 per cent and 10.4 per cent, respectively.

Know what is the opinion of the Speaker?

Navneet Singh, Chairman and Regional Managing Director, Korn Ferry, has said that there is talk of recession and economic slowdown all over the world, but in the context of the Indian economy, it is expected to grow at the rate of six per cent of the Gross Domestic Product (GDP). is going. Singh further said that the salary hike for key talent could be as high as 15 per cent to 30 per cent.

How much growth is expected for which sector?

This wage increase for some other sectors – 9.8 percent for the service sector, 9 percent for vehicles, 9.6 percent for chemicals, 9.8 percent for consumer goods and 9 percent for retail. is estimated.

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