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ET Daily Rundown (ET Online)

Lay offs at Infosys, and the politics of RCEP

02:37 Min | November 05, 2019, 5:46 PM IST
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Your work hours might be increasing, salaries are set to see a hike of 10%, and Infosys is laying off more than 2000 of its employees. This and many more in today's podcast.
Transcript
Script: Deepshikha Rahi, Poorabi Gaekwad
Hosts: Deepshikha Rahi, Poorabi Gaekwad
Producer: Poorabi Gaekwad

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The government wants you to work 9 hours every day now

And what about wages?

That they’ve left to an expert committee. Hello Im Poorabi Gaekwad

And Im Deepshikha Rahi. Welcome to ET's Daily Rundown

The increase in work hours is just a draft; the actual rule will be finalised in December after it receives public comments for a month.

Regardless, salaries in India are set to rise 10% next year.

Which is slightly higher than the increase in 2019

While salary increases in India are stabilising around the 10% mark, they remain the highest in the Asia Pacific region with China at 6.5%

But that’s not necessarily good news

Because the lay offs haven’t stopped. Infosys is doing away with more than 2000 employees

Usually the company lets people go based on performance, but this time, it’s different.

Following the trend of other services firms, the company is pruning its workforce.

In other news, Sensex formed a ‘Golden Cross’ on daily charts on October 30, as it headed for its all-time high point.

The Golden Cross happens when a short-term trend indicator crosses over a long term trend indicator.

And technical analysts regard this event as a strong bullish indicator.

NSE barometer Nifty, too, is on course to form a ‘Golden Cross’ on daily charts.

Which is great news!

The McDonalds scandal doesn’t seem to be out of the news yet.

A day after the company fired their executive for having a relationship with an employee, it seems that another top executive has also resigned.

The chief people’s officer worked with the restaurant chain since 2015.

And seemingly because of the controversy, the company took a hit, as McDonalds’ shares tumbled 2.9%.

India has decided to stay out of Regional Comprehensive Economic Partnership

The RCEP is a trade pact that was spearheaded by China, with countries like Australia, Japan, South Korea and other ASEAN ones involved

Considering India’s trade deficit and China’s status as the manufacturing king, this deal might not be the best thing for the country right now.

Not to mention the Indian exporters would take a hit if India does comply with the Free Trade Agreement

And if they do join, we’ll have to eliminate tariffs on almost 90% of items.

Which would make imports cheaper

Which would not be good for indigenous industries.

That’s all for today, for more news, views, and cues, log on to the economictimes.com.
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