After virtual pool, it’s salary cuts
TIMES NEWS NETWORK Hyderabad: Satyamites who were moved to the ‘virtual pool’ recently are in for more trouble. With the company agreeing to credit only the basic salary into their accounts for the next few months, the pressure of EMIs is fast building, with this amount exceeding their basic pay in most cases. Several among the thousands of employees affected by the Virtual Pool Programme (VPP) of the IT firm, who had availed of loans (either home, personal or car), are now worried and are considering selling their properties. There are others who are returning to their hometowns to save on expenses here and use it to repay the loan, instead. With senior bank officials admitting that associates are indeed in for tough times and that even banks are in “no position to help them’’, this clearly looks like the only resort left for these Satyamites. “I have a Rs 25 lakh home loan going on my name for which I pay Rs 33,000 per month as EMI. As of today my salary stands at a little over Rs 10,000 and I have no idea how I am going to pay my installments thereafter,’’ said a middle level associate who has only managed to pay Rs 2.5 lakh of the loan amount so far. “I will personally meet the bank officials and see if something can be worked out wherein I can get a relief for six months and resume payment of my EMIs from the seventh month. That will give me some time to make an alternative arrangement.’’ Bank officials are, however, apprehensive about the benefits of such a deal and say this would further add to the burden of interest on the person. “A gap of six months will mean more interest on the capital, so the person at the end of it will have to pay an increased amount as EMI. Also, if the interest rate increases in the meanwhile, it would mean a double whammy for the associate,’’ said a senior banker. Knowing well that there is precious little banks can do, some associates are already packing their bags to leave Hyderabad for good. * Satyam recalls 380 employees *Hyderabad: In a surprise development on Friday, Satyamites received an email from Mukund Menon, vice-president (HR), recalling “380 associates into projects’’ from the company’s Virtual Pool Program (VPP). While the mail did not give out details, it stated that the decision was taken by the “human resources, in active collaboration with a few business units’’. It further stated that this move was, “a sure testimony to the fact that we (Satyam management) are doing everything possible to reinstate as many colleagues as possible from VPP, as fast as we can’’. The company had moved 7,000-10,000 associates to VPP just a week ago. TNN --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
