Slashed pay, ‘virtual’ job for over 7,000 Satyam staff
By IANSThursday, June 11, 2009
MUMBAI - Between 7,000 to 10,000 Satyam employees have been put in a virtual pool, continuing their association with the company but with reduced pay, the IT firm said in a regulatory statement Thursday. The virtual pool programme is an innovative way of retaining the excellent human assets of Satyam despite the difficult economic situation, chairman Kiran Karnik said in the statement.
The staff put in the virtual pool will get part of their salaries for up to six months from this month, Satyam said after a board meeting in Hyderabad.
Satyam’s disgraced founder and former chairman B. Ramalinga Raju shocked the corporate world in January after admitting to fudging accounts to show bloated profits.
The recessionary climate that has seriously affected the IT industry in addition to the unprecedented set of events that Satyam faced recently has added to its pressures, Karnik added.
Indian outsourcer Tech Mahindra bought a controlling stake in Satyam in April.
