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A change in the long-term bonus policy at <a href="http://www.businessinsider.in/Infosys-is-boosting-overall-productivity-2X-and-there-is-no-stopping/articleshow/52322861.cms">Infosys</a>, which was implemented last year, has resulted in the number of <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> employees earning annual salaries of at least Rs 1 crore falling to less than half, from 113 to 54. The policy was changed for middle to top level title-holding executives at the Indian IT giant. 
 
The policy entitled <a href="http://www.businessinsider.in/Infosys-no-more-capitalism-compassionate/articleshow/52289437.cms">Infosys </a>executives above associate VP level for long-term bonuses that had accumulated over a period of three years, applicable after these executives completed at least one year in the company. This had led to the number of its employees drawing annual salary of more than Rs 1 crore rising nearly 10 times and reaching to 113 in 2015-16. 
 
Also read: <a href="http://www.businessinsider.in/Infosys-CEO-Vishal-Sikka-rakes-in-7-45-million-in-salary-this-year/articleshow/52348269.cms">Infosys CEO Vishal Sikka rakes in $7.45 million in salary this year</a> 
 
However, the concept of "long-term" payouts has now been done away with, with Infosys focusing on handing out annual bonuses to title-holding executives during the same financial year. This has led to this significant change in the number of executives falling in the Rs 1-crore pay bracket. 
 
Also read: <a href="http://www.businessinsider.in/Infosys-top-executives-rake-in-multi-million-dollar-pay-packages-Check-out-how-much-Vishal-Sikka-and-others-earn/articleshow/52340151.cms">Infosys’ top executives rake in multi-million dollar pay packages. Check out how much Vishal Sikka and others earn</a> 
 
This was done to control the wear and tear at the top level of the company, and also to retain key executives so that Infosys has enough weapons in its battle against arch rivals TCS and <a href="http://www.businessinsider.in/Infosys-to-replace-Cognizant/articleshow/52205202.cms">Cognizant</a>. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/b/b3/Thiruvananthapuram_Infosys_Building.JPG">Image source</a>

Infosys has less crorepatis now as before, thanks to change in bonus policy

The US State Department in a federal notification Wednesday proposed to make changes to its existing visa regulations under which <keyword id="738953" type="PERSON" weightage="20" keywordseo="Foreign-professionals">foreign professionals</keyword>, which would fall under H-1B, would not be issued temporary visa for business, as has been widely prevalent currently. If finalized, this proposal will eliminate any misconception that the "B-1 in lieu of H policy" provides an alternative avenue for foreign professionals to enter the US to perform <keyword id="438013" type="PERSON" weightage="20" keywordseo="skilled-labour">skilled labour</keyword> that allows, and potentially even encourages them and their employers to circumvent the restrictions and requirements relating to the H nonimmigrant classification established by the Congress to protect US workers, the State Department said. The move is likely to impact a lot of Indian companies who send their technology professionals on B-1 visas for a short stay to complete the jobs on site in the US. On December 17, 2019, the California Attorney General announced a $800,000 settlement against <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> Limited to resolve allegations that approximately 500 Infosys employees worked in California on Infosys-sponsored B-1 visas rather than H-1B visas, the State Department said. "The proposed changes and the resulting transparency would reduce the impact of foreign labour on the US workforce of aliens performing activities in a specialty occupation without the procedural protections attendant to the H-1B classification," it said. In its federal notification issued on Wednesday, the State Department said US architecture firm seeking protection from rising labour costs in the country might believe it could lay off its US architects and contract for the same professional architectural services to be provided by a foreign architecture firm. If the foreign firm sought H-1B visas for its architects, it would be required to pay the prevailing wage for architects in the area of intended employment in the United States, presumably the same wage the US architects had been paid, and meet the other requirements enacted by the Congress to protect US workers. But under the B-1 in lieu of H policy, the foreign architects could ostensibly seek B-1 visas and travel to the US to fill a temporary need for architecture services, so long as they retained a residence in the foreign country and continued to receive a salary, perhaps significantly lower than what is customary for US architects, dispersed abroad by the foreign firm (or under the auspices of a foreign parent or subsidiary), the State Department said. Under the Department's guidance, visas could be issued for multiple architects planning temporary work in the United States, in certain situations. However, a foreign employer may succeed in undermining US immigration law and policy by rotating architects between the US and the foreign country to effectively fill the position of one US architect at a significantly lower cost, the notification said. "If the architects who intended to perform skilled labour were "of distinguished merit and ability... seeking to perform (temporary architectural services) of an exceptional nature requiring such merit and ability, one might argue the current regulatory language suggests this type of labour is a permissible basis for B-1 nonimmigrant visa issuance," the State Department said. This potential outcome is harmful to US workers and contrary to policies of the Trump Administration, it said. The State Department said the application process for a B-1 visa does not include similar procedural requirements to protect US workers like that of H-1B visas. Also, the fees for the B-1 visas are far less than that of H-1B visas. While the Congress required H-1B employers to pay significant fees to fund assistance to the US workforce as well as prevention and detection of fraud related to skilled labour, employers are not required to pay comparable fees to employ skilled workers under the B-1 in lieu of H policy, it said. According to the notification, the State Department estimates that this proposal will affect no more than 6,000 to 8,000 foreign workers per year, specifically aliens intending to provide services in a specialty occupation in the US. As per its estimate, up to 28 per cent of the approximately 8,000 annual B-1 visa issuances under the B-1 in lieu of H policy were to foreign workers who applied for a visa to perform services in a specialty occupation for a small entity in the US. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-gets-a-rap-from-un-human-rights-commission-a-day-after-it-seals-the-office-of-kashmir-times/articleshow/78783770.cms">India gets a rap from UN Human Rights Commission a day after it seals the office of Kashmir Times</a> <a href="https://www.businessinsider.in/india/news/kashmir-elections-to-come-early-as-union-cabinet-announced-panchayat-raj-system-for-ut/articleshow/78786911.cms">Kashmir elections to come early as Union Cabinet announced Panchayat Raj System for UT</a> <a href="https://www.businessinsider.in/india/news/bonus-for-30-lakh-public-sector-employees-announced-by-union-cabinet/articleshow/78786783.cms">Bonus for 30 lakh public sector employees announced by Union Cabinet</a>

US wants to scrap temporary business visas for H-1B speciality occupations

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

<ul><li>Equity benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> on Thursday crashed over 1,000 points while the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> dived below the 22,000 level due to across-the-board selloff amid general election uncertainties.</li><li>Persistent foreign fund outflows and heavy selling pressure in <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords">HDFC Bank</keyword>, L&amp;T and <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword> weighed on investor sentiment, traders said.</li><li>From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings.</li></ul>Equity benchmark Sensex on Thursday crashed over 1,000 points while the Nifty dived below the 22,000 level due to across-the-board selloff amid general election uncertainties. Besides, persistent foreign fund outflows and heavy selling pressure in HDFC Bank, Larsen &amp; Toubro and Reliance Industries weighed on investor sentiment, traders said. Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. During the day, it tanked 1,132.21 points or 1.54 per cent to 72,334.18. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50. It tumbled 370.1 points or 1.65 per cent to 21,932.40 during the session. "The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of the BOE policy meeting later today and US inflation figures due next week," Vinod Nair, Head of Research, Geojit Financial Services, said. From the Sensex basket, Larsen &amp; Toubro tanked over 5 per cent after March quarter earnings. Asian Paints, JSW Steel, ITC, Bajaj Finance, IndusInd Bank, Tata Steel, NTPC, Bajaj Finserv, HDFC Bank, Reliance Industries and Power Grid were among the laggards. In contrast, Tata Motors, Mahindra &amp; Mahindra, State Bank of India, Infosys and HCL Tech were the gainers. Meanwhile, the country's largest lender SBI reported 18.18 per cent growth in the March quarter consolidated net profit to Rs 21,384.15 crore against Rs 18,093.84 crore in the year-ago period. Hindustan Petroleum Corporation Ltd (HPCL) on Thursday posted a 25 per cent fall in its March quarter net profit on lower refining margins and announced one free bonus share for every two shares held. In the broader market, the BSE smallcap gauge declined 2.41 per cent and midcap index dropped 2.01 per cent. Among the indices, oil and gas lost 3.41 per cent, capital goods dropped 3.37 per cent, metal tanked 3.13 per cent, industrials (2.92 per cent), utilities (2.59 per cent) and commodities (2.39 per cent). On the other hand, auto emerged as the major gainer. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,669.10 crore on Wednesday, according to exchange data. "Nifty ended sharply lower led by institutional selling and traders squaring up due to nervousness on election progress. World shares were mostly lower on Thursday ahead of the Bank of England's policy decision and after the US market's pause stretched into a second day and as Chinese stocks rose after China reported better-than-expected trade figures for April," said Deepak Jasani, Head of Retail Research, HDFC Securities. In Asian markets, Shanghai and Hong Kong settled with gains, while Seoul and Tokyo ended lower. European markets were trading on a mixed note. Wall Street closed mixed in overnight trade on Wednesday. Global oil benchmark Brent crude climbed 0.48 per cent to USD 83.89 a barrel. "The market is continuously witnessing pressure ahead of the election outcome. We don't have any global reason for this correction, while some uncertainty ahead of the big event is causing profit-booking in the market. Our market has been largely driven by domestic investors, including both HNIs and institutional investors, for the last few months. "Now, they are sitting on the sidelines for the last couple of days and taking some profit off the table ahead of the big event, while FIIs are continuously selling in our market, which is pushing the market lower. The Volatility index, India VIX, has risen 70 per cent from its lows, which is also creating some uncertainty among traders and investors," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. The 30-share BSE index declined 45.46 points or 0.06 per cent to settle at 73,466.39 on Wednesday. The wider gauge Nifty remained unchanged at 22,302.50. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-and-samsung-dominate-the-top-selling-smartphones-in-q1-2024/slidelist/109977094.cms" target="_blank">Apple and Samsung dominate the top-selling smartphones in Q1 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/carl-pei-led-nothings-sub-brand-cmf-may-soon-enter-the-budget-phone-segment-in-india/articleshow/109968970.cms" target="_blank">Carl Pei-led Nothing’s sub-brand CMF may soon enter the budget phone segment in India</a><a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/2024-maruti-suzuki-swift-launched-in-india-starting-at-6-49-lakh/slidelist/109979040.cms" target="_blank">2024 Maruti Suzuki Swift launched in India starting at ₹6.49 lakh</a>

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Infosys has less crorepatis now as before, thanks to change in bonus policy

BI India Bureau

US wants to scrap temporary business visas for H-1B speciality occupations

PTI

The death of a young EY employee is raising questions over India's 'always-on' work culture

Hannah Abraham

Sensex tumbles over 1,000 points, Nifty falls below 22k amid election uncertainties

PTI

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