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Discover how Tata Memorial Centre partners with Wipro GE HealthCare to launch a pioneering Cancer Research Centre, enhancing cancer diagnosis and treatment.

Tata Memorial & Wipro GE Open Cancer Research Centre

Explore the launch of a novel Cancer Research Centre by Tata Memorial and Wipro GE HealthCare, promising advancements in cancer diagnosis and treatment through cutting-edge research.

Tata Memorial, Wipro GE Launch Cancer Research Centre

Tata Memorial and Wipro GE HealthCare join forces to launch a Cancer Research Centre focusing on innovative treatments and diagnosis improvements.

Tata Memorial Centre has tied up with Wipro GE HealthCare Technologies Inc to establish a Cancer Research &amp; Innovation Centre.
The collaboration aims to strengthen clinical research and academic engagement activities with the establishment of a 'Joint Working Group' to determine key project areas and a collaboration roadmap for the next five years, Tata Memorial Centre (TMC) said in a statement.
"The government is adopting a strategic, policy-driven approach to fight cancer with the establishment of daycare centres, expansion of cancer care ecosystem, promoting cancer screenings and awareness programmes. However, early detection, equitable access and preventive care remain a challenge," Tata Memorial Hospital Director CS Pramesh stated.
With Wipro GE HealthCare, TMC aims to enhance clinical research and promote academic engagement to transform personalised cancer care for improved outcomes in cancer care, he added.
"With this partnership, we strengthen our commitment to connect every step of cancer care right from discovery, diagnosis to treatment, integrating advanced imaging technologies and AI-led solutions in the care continuum," Wipro GE HealthCare South Asia President and CEO Chaitanya Sarawate said.
In India, the estimated number of incidences of cancer cases was more than 14 lakhs in 2023, he added.
As per industry estimates, around 100 out of every 1 lakh people in India are diagnosed with cancer, and a report from the Cancer Registry Program states the incidence of cancer cases is estimated to increase by 12.8 per cent in 2025 as compared to 2020.
Mumbai-based Tata Memorial Centre is a comprehensive cancer care centre under the administrative control of the Department of Atomic Energy, Government of India.

Wipro has told its employees that if they don't attend office at least thrice a week, then they should be ready to lose their leaves

Wipro's Strict Return-to-Office Policy: Employees Face Leave Cuts for Non-Compliance

Wipro has told its employees that if they don't attend office at least thrice a week, then they should be ready to lose their leaves

Wipro, one of India's leading IT companies, has issued a stern warning to its employees: attend office at least thrice a week or face consequences.
According to a Mint report, Wipro has told its employees that If they don't attend office at least thrice a week, then they should be ready to lose their leaves.
Wipro has also asked its human resources team to reject employee requests to work from home under this new policy.
In response to the rising COVID-19 cases, Wipro had introduced a flexible work policy in 2023. The goal was to prioritize employee well-being, meet client needs, and support the professional growth of its workforce.
Also Read: <a href="https://www.editorji.com/business-news/pm-modi-highlights-ayodhya-s-solar-city-transformation-at-global-renewable-energy-summit-1726472525738">PM Modi Highlights Ayodhya's Solar City Transformation at Global Renewable Energy Summit</a>

Infosys and TCS&nbsp;also&nbsp;reported declines in their female workforce during the same period. Infosys saw a 7.9% reduction, with 10,786 fewer women employees, while its overall workforce decreased by 7.6%

Wipro sees significant drop in female workforce in FY24

Infosys and TCS&nbsp;also&nbsp;reported declines in their female workforce during the same period. Infosys saw a 7.9% reduction, with 10,786 fewer women employees, while its overall workforce decreased by 7.6%

India&rsquo;s IT giant Wipro saw a significant drop in its female workforce during the financial year 2023-24, with the number falling from 90,721 to 68,231, a reduction of nearly 25%, according to the company's annual report. This, amid an overall reduction in Wipro's workforce, which shrank by 9.5%, leaving a total headcount of 234,054 as of March 31. Similarly, Infosys and TCS also reported declines in their female workforce during the same period. Also read/watch - <a title="SEBI eases trading rules for company insiders, offers flexibility" href="https://www.editorji.com/business-news/markets/sebi-eases-trading-rules-for-company-insiders-offers-flexibility-1719464667390">SEBI eases trading rules for company insiders, offers flexibility</a> Infosys saw a 7.9% reduction, with 10,786 fewer women employees, while its overall workforce decreased by 7.6%. TCS reported a 2.7% drop in female employees, with approximately 6,000 fewer women, alongside a 2.2% reduction in its total workforce. Analysts quoted by The Financial Express suggested that the decline in female employees could be attributed to the diminishing effects of pandemic-driven hiring surges and a move away from remote work arrangements.

The pay cut coincides with Wipro's challenges of slowing growth and an expected revenue decline in the first quarter of FY25, attributed to a difficult macroeconomic environment

Wipro's Rishad Premji forgoes variable pay, takes 20% salary cut in FY24

The pay cut coincides with Wipro's challenges of slowing growth and an expected revenue decline in the first quarter of FY25, attributed to a difficult macroeconomic environment

Wipro Executive Chairman Rishad Premji did not receive the commission component of his salary for the second consecutive year in FY24, as per a Moneycontrol report.
This is because the company's incremental consolidated net profit for the year was negative. Premji is entitled to a 0.35 percent commission on incremental consolidated net profits.
Additionally, he took a pay cut of approximately 20 percent, reducing his FY24 compensation package to over 700 thousand dollars from last year's 900 thousand dollars.
His salary also decreased to 600 thousand dollars from 800 thousand dollars, according to Wipro's filings with the US markets regulator.
The pay cut coincides with Wipro's challenges of slowing growth and an expected revenue decline in the first quarter of FY25, attributed to a difficult macroeconomic environment. Rishad Premji was not granted any stock option this year as well.
Azim Premji's son assumed the chairmanship of Wipro in 2019 for a five-year term and has been reappointed for another five years until July 30, 2029.

Srini Pallia has succeeded Thierry Delaporte as the CEO of Wipro over the weekend and on Monday, the shares plunged by about 1%, trading at Rs 480 a piece during the early trade

Wipro shares plunge after CEO Thierry Delaporte steps down

<h2>Srini Pallia has succeeded Thierry Delaporte as the CEO of Wipro over the weekend and on Monday, the shares plunged by about 1%, trading at Rs 480 a piece during the early trade</h2>

Indian IT giant Wipro's shares plunged almost 1% on Monday's early trade. The shares were trading at Rs 480 a piece as against Rs 489 on Friday's close. This comes as Wipro's CEO Thierry Delaporte stepped down from the post over the weekend.
<h3>Srini Pallia suceeds Thierry Delaporte</h3>
Thierry Delaporte is now succeeded by Srini Pallia who has been with the company for over 32 years now. Pallia was the head of the Americas-1 unit of the consulting and services multi-national.
Also Read: <a href="https://www.editorji.com/business-news/wipro-ceo-thierry-delaporte-resigns-srinivas-pallia-named-new-chief-executive-officer-1712421796522">Wipro CEO Thierry Delaporte resigns; Srinivas Pallia named new Chief Executive Officer</a>
As per The Economic Times, before being appointed as the Americas-1 CEO, he also served as the president of the company&rsquo;s consumer business unit and the global head of business application services.
&ldquo;Srini is an ideal leader to lead Wipro at this pivotal moment for our company and industry. His client-centric approach, growth mindset, strong execution focus, and his commitment to Wipro's values, make him the perfect fit as we enter the next chapter of growth and profitability,&rdquo; Wipro chairman Rishad Premji was quoted as saying in a notification to the exchanges.
<h3>Wipro's Performance</h3>
The change in leadership comes at a time when Wipro has been facing criticism over its performance. The IT firm's revenue has hit a low relative to peers without any room to tweak operating margin.&nbsp;
On the operating margin, though India's top IT firms have recorded a depletion, Wipro's has been the highest contraction of 570 basis points between December 2020 and December 2023 quarters with the lowest margin of 16% among top peers in the latest December quarter.
Over the past two years, Wipro's stock has been under pressure due to the underperformance with respect to revenue, profit and margins.&nbsp;
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Wipro CEO Thierry Delaporte resigned from his post on April 6, allowing  Srinivas Pallia to take over the Indian IT firm.

Wipro CEO Thierry Delaporte resigns; Srinivas Pallia named new Chief Executive Officer

Wipro CEO Thierry Delaporte resigned from his post on April 6, allowing &nbsp;Srinivas Pallia to take over the Indian IT firm.

Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new Chief Executive Officer effective immediately.
Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
"At their meeting held on April 6, 2024...pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors has approved the appointment of Srinivas Pallia as the Chief Executive Officer and Managing Director of the company with effect from April 7, 2024, for a period of five years, subject to approval of shareholders and the Central Government as may be applicable," Wipro said.

To improve the margins, Wipro is letting go hundreds of mid-level jobs onsite and adopting Left-Shift strategy by which level 1 jobs will be automated

Wipro to lay off hundreds of mid-level employees to improve margins: Report

<h2>To improve the margins, Wipro is letting go hundreds of mid-level jobs onsite and adopting Left-Shift strategy by which level 1 jobs will be automated</h2>

Wipro is planning to cut hundreds of mid-level jobs onsite as it attempts to improve its margins, reported ET Prime. As per the report, sending out intimations began earlier this month and mid-level employees onsite would be let go.
<h3>Shifts in job roles&nbsp;</h3>
The report also mentioned that the job was part of a Left-Shift strategy. By this the work of level 3 employee is shifted to level 2 employee and level 1 employee takes up level 2 job. Meanwhile, level 1 jobs will be automated.
<h3>Wipro's margin</h3>
Among the four largest India-listed IT services companies, Wipro has the lowest margin. Its marging in the December quarter came in only at 16% while Tata Consultancy Services, Infosys and HCL Technologies reported margins of 25%, 20.5% and 19.8% respectively.
The ET Prime report also mentioned that Wipro's Chief Financial Officer Aparna Iyer has been tasked with showing better margins this year.&nbsp;
&ldquo;They have very expensive resources onsite in Capco, and even though the growth is coming back, it is not enough. Aparna (Iyer - Wipro Chief Financial Officer) has been tasked with showing better margins this quarter,&rdquo; ET Prime's source said.
Wipro had acquired Consulting firm Capco in 2021 for $1.45 billion. The consulting business dropped post pandemic as consumers curbed spending.&nbsp;
&ldquo;Aligning our business and talent to the changing market environment is a critical part of our strategy as we look to build a resilient, agile, and high-performance organisation,&rdquo; a Wipro spokesperson said in response to questions from ET Prime.
The job cuts come even as Wipro's CEO Thierry Delaporte is faulted for losing senior talent and impacting employees' morale. He also has a tough job of trying to balance the margin and growth, which are conflicting goals.
&ldquo;Wipro still has both a talented workforce and leadership team. However, execution is an issue and Wipro continues to underperform against its peers. I believe Wipro is trying to do too much too quickly. It is trying to address its margin and profitability at the same time it is attempting to regain its growth leadership and market differentiation,&rdquo; Peter Bendor-Samuel, CEO, IT consultancy Everest Research told ET.
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As Wipro prioritises employees with lower compensation among those eligible for a raise in the salary, employees in the company's largest business line will be impacted the most

Wipro likely to skip salary hikes for top performers in major business line: Report

<h2>As Wipro prioritises employees with lower compensation among those eligible for a raise in the salary, employees in the company's largest business line will be impacted the most</h2>

Wipro Salary: Indian&nbsp;IT major Wipro may skip salary hike to 'top performers with high compensation' in the upcoming round of salary revision in December. As per Reuters, the move will affect workers in the company's largest business line.
Usually employees receive the revised salary from 1st of December.
<h3>Internal Memo&nbsp;</h3>
In an internal memo as seen by Reuters, the company has said that Wipro will prioritise employees with lower compensation among those eligible for a raise. The report further claims that Nagendra Bandaru &ndash; the managing partner and president of the "Enterprise Futuring" business line has informed the employees that the company was undertaking a &ldquo;selective MSI (merit salary increases) rollout" based business affordability.
Also Read: <a href="https://www.editorji.com/business-news/wipro-makes-3-days-work-from-office-mandatory-warns-of-consequences-if-employees-fail-to-adhere-report-1699278710583">Wipro makes 3 days Work from Office mandatory, warns of consequences if employees fail to adhere: Report</a>
Wipro Enterprise Futuring is one of four global business lines at the Bengaluru-based firm created as part of an organisational overhaul in April. It deals with &nbsp;large-scale digital and tech transformation for companies.&nbsp;
<h3>Macroeconomics Worry</h3>
This comes at a time when Wipro is dealing with a plethora of problems ranging from weak client spending to tough competition from larger rivals. The technology industry in India has been struggling &nbsp;in recent quarters as clients curtailed spending on discretionary projects amid inflationary pressures and global economic uncertainty. For these companies, salary bills are one of the biggest expenses.&nbsp;
Wipro has also mandated its employees to work from office thrice a week, following the footsteps of its rivals like TCS and Infosys.

While Wipro has mandated a three day compulsory presence in office in India, the hybrid policy will be customised based on the country, local legislation and agreements outside the country

Wipro makes 3 days Work from Office mandatory, warns of consequences if employees fail to adhere: Report

<h2>While Wipro has mandated a three day compulsory presence in office in India, the hybrid policy will be customised based on the country, local legislation and agreements outside the country</h2>

Work From Office:&nbsp;Indian IT major, Wipro has informed employees that it is implementing a compulsory hybrid work policy starting November 15, where staffers have to be present in the office at least three days a week, reported Moneycontrol
<h3>Hybrid Work Policy</h3>
As per the report Wipro's senior executive had sent an email to the employees informing them of the hybrid policy on November 6. The mail said that the change is aimed at enhancing teamwork, facilitate face-to-face interaction and strengthen Wipro's culture.
"Starting November 15, all employees must be present at their assigned office location for at least three days each week. This change aims to enhance teamwork, facilitate face-to-face interactions, and strengthen Wipro's culture," the mail from Wipro's Chief Human Resources Officer Saurabh Govil read.
Also Read: <a href="https://www.editorji.com/business-news/amazon-employee-loses-rs-1-6-cr-worth-stock-for-forfeiting-work-from-office-mandate-1699255024701">Amazon employee loses Rs 1.6 cr worth stock for forfeiting Work from Office mandate</a>
Wipro has also warned that employees would face consequences starting January 7, 2024 if they consistently fail to adhere to the new hybrid work policy. The consequences may include loss of trust and credibility with managers and leaders, reduced performance and work quality, increased stress, conflicts, and dissatisfaction within teams. Additionally, disciplinary actions may be imposed by Wipro.
The company has also mentioned that the hybrid policy will be customised based on the country, local legislation and agreements. For specific European countries, consultation with employee representation groups may apply to define guidelines.
Wipro's rivals TCS and Infosys had also mandated work from office rules. While TCS has asked employees to work from office five days a week, Infosys employees are expected to work 10 days a month.
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Wipro Hiring 2023:  The IT giant Wipro has decided to hire fewer engineering graduates this year. Check here for more details about the reason for it.

Wipro Hiring 2023: Wipro slows down hiring as tech spending cools and sales dip

As Wipro's sales decelerate and reported less than expected net income in second quarter of the fiscal, the IT giant has decided  to hire fewer engineering graduates

Tech Hiring 2023: Wipro slows down hiring as tech spending cools and sales dip

<h2>As Wipro's sales decelerate and reported less than expected net income in second quarter of the fiscal, the IT giant has decided&nbsp; to hire fewer engineering graduates</h2>

Wipro Hiring 2023: India's Tech giant Wipro that specialises in outsourcing services, has decided to hire fewer engineering graduates, as clients are cautious of spending, reported Bloomberg. Wipro has decided to onboard the people who have already been offered jobs instead of new recruitment.
Bloomberg quoted Wipro's Chief Human Officer Saurabh Govil mentioned that the company had hired about 22,000 new graduates in the year through March.
<h3>Decelerating Sales</h3>
Wipro made this announcement amid a decelerating sales and a less than expected net income in the second quarter of the fiscal year.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/tech-jobs-infosys-postpones-campus-recruitment-for-this-year-1697194274734">Tech Jobs: Infosys postpones campus recruitment for this year</a>
&ldquo;This year the environment has changed, as you&rsquo;ve seen across the industry,&rdquo; said Saurabh Govil, chief human resources officer to Bloomberg.&nbsp;
<h3>Cost Cutting Measures</h3>
It is not just Wipro that has restrained from recruiting. Other IT majors like Infosys, HCL and TCS have also slowed down the hiring in an cost cutting effort. As per Bloomberg, Infosys which hired more than 50,000 graduates in the last fiscal year, has said it&rsquo;s unlikely to go to colleges for campus placement in the year through March 2024.
While HCL Technologies is hiring just about 10,000 new graduates, 5,000 fewer than it previously planned and about half of what it hired last year.
Also Read: <a href="https://www.editorji.com/business-news/campus-hiring-engineering-students-stare-at-a-tough-placement-season-1695012663796">Campus Hiring: Engineering students stare at a tough placement season</a>
India's IT service sector which is one of the largest employers in the South Asian Nation known for hiring thousands of recent college graduates, recruited aggressively during the peak of the Covid pandemic as companies around the world outsourced work to keep their businesses running smoothly.&nbsp;
However, after the pandemic the boom cooled and clients are facing major inflation and high interest rate trouble. This is forcing them to spend a little on technologies affecting the Indian IT Services Sector that is valued over $245 billion.

Wipro has launched an AI-first innovation ecosystem ai360 to integrate AI to embed the technology into all internal operations and solutions offered to clients over the next three years

Wipro to spend $1 billion to train entire staff in AI; launches AI-first innovation ecosystem Wipro ai360

Wipro has launched an AI-first innovation ecosystem ai360 to integrate AI to embed the technology into all internal operations and solutions offered to clients over the next three years

Wipro, India's third-largest software services company, on Wednesday announced a $1 billion spending plan to train its entire 2.5 lakh employees in artificial intelligence and integrate the technology into its product offerings.
The spending, over the next three years, also involves bringing 30,000 employees from cloud, data analytics, consulting and engineering teams together to embed the technology into all internal operations and solutions offered to clients.
In a statement, the company said it "will train all 250,000 employees on AI fundamentals and responsible use of AI over the course of the next 12 months and will continue to provide more customized, ongoing training for employees in AI-specialized roles." Artificial Intelligence has the potential to create trillions of dollars of value across the economy. Generative AI applications such as ChatGPT, GitHub Copilot, Stable Diffusion, and others have captured the imagination of people around the world.
The latest Generative AI applications can not just perform a range of routine tasks, such as the reorganization and classification of data but also have ability to write text, compose music, and create digital art.
Wipro will develop a curriculum that maps out the complete AI journey for different roles. The completion of the curriculum will culminate in the credentialing of employees through the Decentralized Identity &amp; Credential Exchange (DICE) ID platform.
Wipro will also run hackathons and challenges on its talent crowd platform, Topcoder, for continuous upskilling of employees.
"The USD 1 billion investment will help further advance Wipro's AI, data and analytics capabilities and foundation, R&amp;D and platforms, enhance FullStride Cloud, and build new consulting capabilities to help clients adapt to change and unlock new value through AI," it said.
Wipro will also accelerate investments in cutting-edge startups through Wipro Ventures.
Additionally, the company will launch a GenAI Seed Accelerator program, which will provide select GenAI-focused startups with the training needed to become enterprise-ready.
Wipro said it is launching Wipro ai360, a comprehensive, AI-first innovation ecosystem that builds on the firm's decade-long investments in AI with the goal of integrating AI into every platform, every tool, and every solution used internally and offered to clients.
"Along with the launch of Wipro ai360, the company also committed to making a $1 billion investment in advancing AI capabilities over the next three years," it said.
Wipro ai360, fuelled by this new investment, will help unleash a new era of value, productivity, and commercial opportunities through the application of AI and generative AI.
"Artificial Intelligence is a fast-moving field," said Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro Limited.
"Especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries. New business models, new ways of working, and new challenges, too. This is exactly why Wipro's ai360 ecosystem places responsible AI operations at the heart of all our AI work. It's meant to empower our talent pool and be ubiquitous across all our operations and processes, as well as our solutioning for clients. We are ready for the AI-driven future!" With responsible AI at its core, Wipro ai360 will bring together the 30,000 Wipro experts in data analytics and AI with Wipro&rsquo;s technology and advisory ecosystem from four global business lines.
Capabilities across cloud and partnerships; data, analytics and AI; design and consulting; cybersecurity; as well as engineering will be leveraged to develop new solutions and embed AI into all processes and practices.
Wipro's new global business line model will enable new levels of agility, speed, and depth in delivery.
Its innovation hub Lab45 will be a core part of the Wipro ai360 ecosystem, providing clients with the talent, training, scale, as well as the research and co-innovation capabilities needed to accelerate AI adoption, the release added.

Premji made $951,353 in total annual compensation in FY23 which is 50% less than his earnings in FY22 which was $1,819,022

Wipro's Rishad Premji takes 50% pay cut in FY23

Rishad Premji made $951,353 in total annual compensation in FY23 which is 50% less than his earnings in FY22 which was $1,819,022

Wipro's executive chairman Rishad Premji has taken a voluntary cut of 50% in his compensation for this year. In a filing to the US securities and exchange commission, Wipro said that Premji made $951,353 in total annual compensation in FY23. This is 50% less than his previous year compensation, when his earnings was $1,819,022.
Premji's compensation comprised $861,620 as salary and allowances, $74,343 in long-term compensation benefits. $15,390 comes under other incomes. For the fiscal year 2023, no stock options were granted to him. His compensation also includes a cash bonus which is a part of his fixed salary.
Based on the incremental consolidated net profits, Rishad Premji is entitled to 0.35% of the net profit as commission. However, as the profit was negative this year, he wasn't paid the commission. Earlier, Premji took a pay cut of 31% in FY20.
Rishad Premji became Wipro's Chairman in 2019 after working as the chief strategy officer in the company. His current five-year term as its executive chairman will conclude on July 30, 2024.

VICE Media filed for bankruptcy on May 15 and Wipro was its biggest unsecured creditor with a debt of nearly $10 million. In May 2020, Wipro filed an arbitration claim against Vice Media about the dissolution of a contract

VICE Media's largest unsecured creditor is Wipro

VICE Media filed for bankruptcy on May 15 and Wipro is its biggest unsecured creditor with a debt of nearly $10 million. In May 2020, Wipro filed an arbitration claim against Vice Media about the dissolution of a contract.&nbsp;

VICE Media LLC, which declared bankruptcy on Monday, owes $10 million to Wipro in India. Wipro is VICE media's biggest unsecured creditor, according to filings.
On May 15, Vice Media Group applied for Chapter 11 bankruptcy relief in a New York bankruptcy court, listing $350 million in assets and $834 million in liabilities.
Vice's Chief Restructuring Officer, Frank Pometti, stated in a court document that while the firm relied on outside finance, including debt and equity, to support its expansion and pay for expenses, it also left the company "burdened by a highly leveraged and unusually complex capital structure."
Wipro won an arbitration earlier in March. The IT company received an award of $7.9 million, plus interest at a rate of 9%, making it a total of about $9.9 million.
Following this, Wipro served Vice with a restraining notice. Vice was unable to access its cash or sell its assets because of the restraining action. Pometti claims that this resulted in more defaults.
In order to suspend the account until the payments were made, Wipro approached Vice's principal bank, JPMorgan Chase (JPMC), on May 10. According to the complaint, this notification "sought to impose a stay on withdrawals from Vice Media's accounts at JPMC." Pometti claimed that the account held more money than was necessary to meet the restraining order's stay criteria.
However, JP Morgan had no choice but to freeze Vice's accounts. All of this contributed to the media giant having to file for bankruptcy.&nbsp;
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Freshers opted to join the company faster at a half salary offer rather than waiting for onboarding at a higher package: Wipro

Wipro's lower-salary proposal accepted by over 90% of freshers  

Freshers opted to join the company faster at a half salary offer rather than waiting for onboarding at a higher package: Wipro

Two months after announcing to slash freshers' job offers by almost 50%, India's fourth-largest IT company, Wipro says more than 90% freshers have accepted to work at a lower package.&nbsp; According to ET, the tech giant had initially offered salary packages of Rs 6.5 lakh to freshers. However, citing the 'changing macro environment' as the reason, the company mentioned that it was altering freshers' compensation to ₹3.5 lakh per annum.
&ldquo;The next-gen associates were given both the options, and 92% of campus hires chose to join at the lower offer,&rdquo; said Jatin Dalal, Wipro's Chief Financial Officer (CFO), as reported by Economic Times.&nbsp; Wipro's move to cut salary offers to freshers awaiting onboarding by almost 50 per cent under one programme has been termed "unjust" and "unacceptable" by employees union NITES, which demanded that the IT company should reconsider its decision. Wipro's decision reflects the global macro economic uncertainties and the challenges in the demand environment for tech companies, say market watchers.

IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore

Wipro stock climbs nearly 3% after IT major announces share buyback

IT major Wipro on Thursday reported a marginal 0.4% decline in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore

The share price of IT major Wipro rose over 3% on Friday, after the company's board announced a share buyback of up to Rs 12,000 crore.&nbsp; Wipro on Thursday posted a 0.4 per cent decline in its consolidated net profit to Rs 3,074.5 crore for the March 2023 quarter and guided for a 1-3 per cent sequential decline in revenue from IT services business in the June quarter amid a weak macro environment. The Wipro board approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece. The buyback price is at an 18 per cent premium to Thursday's closing price of Rs 374.35 a share on BSE. Bengaluru-headquartered Wipro - which competes in the IT services space with larger rivals like Tata Consultancy Services (TCS) and Infosys - posted a net profit of Rs 3,074.5 crore for the just-ended quarter, against Rs 3,087.3 crore in the year-ago period. The revenue for March 2023 quarter stood at Rs 23,190.3 crore, 11.17 per cent higher year-on-year, according to the filing. For the full FY23, the net profit of Rs 11,350 crore was 7.1 per cent lower than the preceding fiscal, while revenue of Rs 90,487.6 crore was 14.4 per cent higher.

A score below 60% in Wipro's Project Readiness Program will lead to termination

After slashing salaries, Wipro to conduct tests to eliminate freshers: Report

A score below 60% in Wipro's Project Readiness Program will lead to termination

Wipro has introduced a new training module that ends with a test. The results of the tests could possibly lead to elimination, reported Business Today. The test is imposed on freshers who have been awaiting onboarding at the company for over 15 months.
This move has come after the Indian IT giant slashed freshers' salaries to ₹ 3.5 lakhs from ₹ 6.5 lakhs in February. Business Today also reported that these freshers have already completed a training while awaiting onboarding.&nbsp;
The company has designed Project Readiness Program (PRP) and has notified freshers that a score below 60% will lead to termination. Some freshers believe that Wipro is following this strategy to escape any liability that could occur while firing the employees.
Just a few weeks ago LTI Mindtree too introduced a testing system to eliminate employees. As per Business Today, these steps are taken since IT companies over-hired during the pandemic and are now facing dwindling demand along with huge bench sizes.&nbsp;
Demand for IT companies went up during the pandemic as digitisation rose. However, since the beginning of 2022, the demand of IT services has fallen leading to more layoffs, pay cuts and demotions.

Moonlighting? Now you might have to pay more income tax 

Moonlighting? Now you might have to pay more tax

Moonlighting income tax

The concerns from tax authorities have come at a time when there is an ongoing debate on how far 'moonlighting' by employees can be allowed

The debate around moonlighting grabbed headlines in the IT industry after top IT companies like Wipro, Infosys and TCS have been raising concerns of late about moonlighting, .&nbsp;
In its latest reports by Economic Times, The Income Tax (IT) authorities have cautioned that moonlighting can have some tax implications.
Several techies have already reached out to their tax planners, discussing with them how to declare this secondary source of income and how to minimise their tax burden. They are also trying to understand whether the extra earnings can be treated as professional income.&nbsp;
The principal chief IT commissioner, Tamil Nadu, Puducherry and Kerala, R Ravichandran, said that any company or individual pays over ₹ 30,000 to a person for a contract job or pays a professional fee is liable to deduct taxes at source (TDS) at the applicable rate.
According to Section 194C of the Income Tax Act, any individual who gives a fee to a residential individual for carrying out contract work must deduct TDS.
Here, the individual making the payment can be a firm, trust, company, or local authority, among others.

Days after Indian IT giant Wipro warns its employees of moonlighting, Chairman Rishad Premji said the company had found its 300 employees worked with one of its competitors at the same time.
He further added that their employment had been terminated for "act of integrity violation".
The definition of moonlighting itself is about having another job secretively. As part of transparency, individuals can have candid and open conversations around playing in a band or "working on a project over the weekend", he explained.
"That is an open conversation that the organisation and the individual can make a concerted choice about, on whether that works for them or doesn't," he said.
The issue of 'moonlighting' has emerged as a big talking point after the Wipro chairman flagged the issue. Premji had taken to Twitter recently to highlight the issue saying: "There is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple."
The issue of moonlighting by tech professionals has ignited a fresh debate polarising opinions within the industry. Tech Mahindra CEO CP Gurnani tweeted recently that it is necessary to keep changing with the times and added "I welcome disruption in the ways we work".

Moonlighting gets real at Wipro, '300 staff working with rivals'

Days after tech giant Wipro warns its employees of moonlighting, Chairman Rishad Premji said the company has found its 300 employees worked with one of its competitors at the same time

The issue of moonlighting by tech professionals has ignited a fresh debate polarising opinions within the industry

Days after Indian IT giant Wipro warns its employees of moonlighting, Chairman Rishad Premji said the company had found its 300 employees worked with one of its competitors at the same time.
He further added that their employment had been terminated for "act of integrity violation".
The definition of moonlighting itself is about having another job secretively. As part of transparency, individuals can have candid and open conversations around playing in a band or "working on a project over the weekend", he explained.
"That is an open conversation that the organisation and the individual can make a concerted choice about, on whether that works for them or doesn't," he said.
The issue of 'moonlighting' has emerged as a big talking point after the Wipro chairman flagged the issue. Premji had taken to Twitter recently to highlight the issue saying: "There is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple."
The issue of moonlighting by tech professionals has ignited a fresh debate polarising opinions within the industry. Tech Mahindra CEO CP Gurnani tweeted recently that it is necessary to keep changing with the times and added "I welcome disruption in the ways we work".

WorldClassFromIndia | India is the global leader in the Engineering Research & Development (#ER&D) space with a 30% market share, and this figure is set to surge to 50% in less than a decade. Editorji's Vikram Chandra sits down with KS Viswanathan of NASSCOM, Harmeet Chauhan of Wipro and Anand Ramamoorthy of Micron India to get the insider's view on what's powering India's dominance in the ER&D space. 

World Class From India | India is the global leader in the Engineering Research & Development | NASSCOM

Editorji's Vikram Chandra sits down with KS Viswanathan of NASSCOM, Harmeet Chauhan of Wipro and Anand Ramamoorthy of Micron India to get the insider's view on what's powering India's dominance in the ER&amp;D space.&nbsp;

World Class From India | India is the global leader in the Engineering Research &amp; Development (#ER&amp;D) space with a 30% market share, and this figure is set to surge to 50% in less than a decade. Editorji's Vikram Chandra sits down with KS Viswanathan of NASSCOM, Harmeet Chauhan of Wipro and Anand Ramamoorthy of Micron India to get the insider's view on what's powering India's dominance in the ER&amp;D space.&nbsp;

The US will conduct a rare second lottery for the H-1B visa to decide on the successful applicants. This move which would provide another chance to hundreds of Indian IT professionals who could not make it in the first random selection.&nbsp;In June, the US immigration agency received over 3.1 lakh applications during the initial registration out of which&nbsp;87,500 applicants were selected.&nbsp;The US Citizenship and Immigration Services (UCIS) will start accepting fresh application from August 2&nbsp; till November 3, it said in a statement.Online filing is not available for H-1B petitions. Petitioners filing H-1B petitions must do so by paper and must include a printed copy of the applicable registration selection notice with the FY 2022 H-1B cap-subject petition.

Big boost for Indian tech: US to conduct rare second lottery for H1-B visas, get the details here

Big boost for Indian tech: US to conduct rare second lottery for H1-B visas, get the details here.

Rare second lottery for H1-B visas

<ul>
<li>Big boost for Indian tech: US to conduct rare second lottery for H1-B visas</li>
<li>Lottery for H1-B would provide another chance to hundreds of IT professionals&nbsp;</li>
<li>In June, US&nbsp;US immigration agency received over 3.1 lakh applications&nbsp;</li>
<li>The US Citizenship and Immigration Services to start accepting applications from Aug 2 to Nov 3</li>
<li>Online filing is not available for H-1B petitions&nbsp;</li>
</ul>

In June, the US immigration&nbsp;received over 3.1 lakh applications for the coveted H-1B work permit for 2022.&nbsp;

The US will conduct a rare second lottery for the H-1B visa to decide on the successful applicants. This move would provide another chance to hundreds of Indian IT professionals who could not make it in the first random selection.&nbsp; In June, the US immigration agency received over 3.1 lakh applications during the initial registration out of which&nbsp;87,500 applicants were selected.&nbsp; The US Citizenship and Immigration Services (UCIS) will start accepting fresh applications from August 2 till November 3, it said in a statement. Online filing is not available for H-1B petitions. Petitioners filing H-1B petitions must do so by paper and must include a printed copy of the applicable registration selection notice with the FY 2022 H-1B cap-subject petition.

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