Beyond Layoff

Information technology firm Cognizant said around 400 of its senior executives have accepted its voluntary separation package which will help the multi-national corporation save around $60 million dollars annually, PTI reported on Sunday. The company had offered some of its senior staff up to nine months of salary. Wikimedia Commons The international company had pitched the package, which offers up to nine months of salary, to some of its senior executives based in the United States and India in May. The firm has not specified how many of the employees were based in India, which accounts for a sizable number of its 2.56 lakh workforce. “Of the $39 million (approximately Rs 248 crore) of realignment charges, $35 million was for the roughly 400 associates who accepted our voluntary separation package,” Cognizant Chief Financial Officer Karen McLoughlin said at a recent investor call. The CFO said the step will help increase profits. The firm’s staff strength was reduced by aro

RBS to cut hundreds of UK jobs in move to India Bank’s transfer of loans team to Mumbai brings loss of 443 jobs in Britain and condemnation by Unite over ‘cheap’ labour According to  Reuters and RBC Getty Images ATM cash machines outside a branch of the Royal Bank of Scotland in Edinburgh. British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said. The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank. "We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK." RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses. The bank was rescued with a 46 billi