Feb 222013
 

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Spanco BpO Misses Paying Salaries to Employees

Some time back we have posted about PC Care 247 in Gurgaon not paying salary of employees. Now if newspaper reports are to be believed another BpO company has not paid the salaries for its employees and this is for last 4 month. Unlike the one we talked about last time which was a rather unknown name like PC Care 247 this time it is a well known BpO company Spanco with thousands of employees in more than one city.

—As per the management of the company they are facing working capital issues due to which salaries are on hold. If the news reports are to be believed the company says they are facing payment issues from the government projects they are working on especially in the power sector.  So it appears that the rot in power sector is slowly spreading to other industries also including the vendors that Power companies owned by government have hired. This kind of reminds me what Warren Buffet the legendary investor once said ” There is never only one cockroach in the kitchen”. If the power sector is in trouble it is spreading its problems to other sectors including BpO

The troubling part in this case is that Spanco is not a small company it employs thousands of people in many cities. Spanco is also listed on Mumbai and National Stock Exchange.  Now if these thousands of people are not being paid salaries it will not be very long when a lot of them will be in job market to look for jobs. That will put a lot of pressure on the job market and may depress the wages in the short term. We all know similar thing happened when Satyam employees were leaving in hordes during time of the Satyam financial scam. It is in everybody’s interest that the issue is resolved and employees are paid ASAP.

The other big problem with a large company like Spanco not paying salaries of employees creates bad reputation for the whole BpO sector both for potential clients outside of India and potential bright employees in India. If more companies start missing salaries of employees one wonders how BpO will fare as career choice for future employees.

Learn more about Spanco power here and Spanco  here.

Please check the link here to read more about the issue in Times of India online by clicking here

We are planning to do a series on some of these things and would love to hear from you. Please use Contact CafeBpoform to get in touch with us if you would like to contribute content for CafeBpO do check our guest post guidelines before sending your post.

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 February 22, 2013  Posted by at 10:21 PM Business of BpO, Career In a BPO, Money Matters Tagged with: , ,  Comments Off on Another BpO Misses Paying Salaries To Employees
Jan 162013
 

Are your Ready for Income Tax 2012-13

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Once the festivities of welcoming New Year are over, January becomes a painful month for most people who are salaried.  As a lot of employees in BPO companies are new and this could be their first year of generating income they are not well versed with the income tax laws and provisions.

A lot of us keep on ignoring the mails from HR and/ or Finance to submit proof of investment  and rent etc. and then when the tax is deducted in the January Salary we get a rude shock.

 Income Tax Department

This week should be the last week in most cases when you can submit the proof for your investments and other tax saving instruments to your company.

Here are the steps to follow

steps to pay income tax

 

  1. Find out your salary (Not kidding a lot of first time salary earners have no idea what is taxable and what is not taxable in their salary).
  2. You need not read further if your net income is less than 2Lakhs as income till 2 Lakhs is exempt from Income tax. If you are a senior citizen and reading this blog then your income up to 2.5 Lakhs is exempt from Income tax. Check here for your income tax slab.
  3. In most cases your company will have either an internal or external salary portal that will give you access to your Tax details go please log in to that to find your tax liability.
  4. Go online and check tax deducted till date. You can check it here by going on this link. You will need user ID and password. Or if you have online banking for banks like HDFC, ICICI, Axis, SBI etc. their website will also give you a link
  5. Now that you know what is your tax liability and how much tax has been deducted you will need to provide proof of investments photocopy attached in a prescribe form that your company would have circulated.
  6. Once you have submitted the proofs to the payroll team of your company, check your pay slip at the end of month to ensure no extra tax has been deducted, as human errors are always possible.

Given below are some of the investments that can help you save tax

  1. Most Insurance policies  both LIC and other private companies
  2. Rent paid to landlord by check. Remember your parents can be your landlord but not your husband or wife.
  3. Principal up to 20K and interest up to 1.5Lakh in case of a self occupied property.
  4. Some specific Fixed Deposits with banks
  5. Tax saving Mutual funds.
  6. National Savings certificate
  7. Public Provident fund

So dear reader if you have been ignoring your tax planning for the financial year 2012-13 this is high time you put your house in order get in touch with your payroll team and follow these basic steps.

Also please remember these are some very basic steps for detailed financial planning you should consult a certified financial planner or your tax consultant.

Please use Contact CafeBpO  form to get in touch with us if you would like to contribute content for CafeBpO

If you have liked this article feel free to share with your friends, and colleagues on your social networks like Facebook LinkedIn , Twitter etc. If you would like to receive regular updates from CafeBpO please use the subscribe by email option on this page (We do not sell, rent or donate your email address to spammers)

Arrow picture by:  Brian Talbot

 January 16, 2013  Posted by at 6:48 PM Money Matters, Uncategorized Tagged with: , ,  Comments Off on Are you ready for Income Tax 2012-13 ?
Jan 032013
 

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—Almost all the BPO companies hire freshers from various colleges. A lot of time friends in college join the same company. Now suddenly from just being buddies they are colleagues which mean life is different. Even though you are in same company and have been buddies for a long time now a new dimension to the relationship is added called coworker or colleagues. Now you both may have joined same company and even in same team but still you may be given different salaries for various reasons. Most freshers are curious to know the salary of their friends. One of the first questions that the buddies ask each other is “What is your Salary?”

 

Although the HR team normally will inform the candidates that your salary is confidential and are not to be shared but the buddies just ignore it and have a high tendency to share their salary with their friends. This leads to many problems both for the company as well as for the friends.

Let us address this post to candidates and why they should not worry about the salaries of others

  1. The first reason is that all companies consider it to be a breach of confidentiality between employee and organization and take strict action including termination of somebody who shares his or her salary.
  2. Every employee even in the same process can be given different salary based on the performance in the interview, qualification, prior experience or even the negotiation skills of the individual.
  3. You accepted the salary at the time of joining and nobody has forced you to join the company so now there is no reason you should be unhappy about the same.
  4. If you ask the salary of other person she may ask your salary and now you have to think if you want to share the same. Remember there are no free lunches in this world.
  5. What is the guarantee that the other person is telling you the truth, now you may be upset based on a lie told to you. Why even go that path?

Remember asking or telling salary to your colleagues is not only rude it is considered a breach of contract by your employer so why go that path. Your salary is confidential so is your colleagues, and it will bring more harm to you than benefit to know salary of the next guy.

It is best to only know your own salary and the growth opportunities your company offers to employees and work towards them. If you get the promotion or higher responsibilities you will automatically get a higher salary.

We are planning to do a series on some of these things and would love to hear from you. Please use Contact CafeBpo  form to get in touch with us if you would like to contribute content for CafeBpO

If you have liked this article feel free to share with your friends, and colleagues on your social networks like Facebook LinkedIn , Twitter etc. If you would like to receive regular updates from CafeBpO please use the subscribe by email option on this page (We do not sell, rent or donate your email address to spammers)

 January 3, 2013  Posted by at 7:56 PM Career In a BPO Tagged with: , ,  Comments Off on Your Salary is Confidential- Why you should not share it