Quarter of Companies Globally set to Freeze Pay ::
A quarter of the world's companies, and 40 percent in the United States, plan to freeze salaries this year, but employees in South America and India can look forward to robust rises, a global survey shows on Tuesday.
Employees in Japan, Lithuania and Ireland will see the lowest pay rises, according to the survey of 53 countries by London-based research company ECA International. In recession-hit Japan, half of companies plan to freeze salaries.
Globally, average salaries should increase 4.7 percent this year, down from a 6.2 percent rise in 2008, the survey shows.
"The economic upheaval since last September has prompted many firms to revise salary increases significantly from previous predictions," said Lee Quane, ECA's Asia director. "Our results show that, globally, companies have revised their forecasts down, on average, by more than a third."
Companies in Venezuela, in contrast, are set to hand out the biggest pay rises this year, averaging 24 percent and up from 22 percent last year, followed by Argentina where pay is set to increase by 12 percent. Pay hikes in Brazil and Chile meanwhile will be higher than last year.
While pay in India is rising because of a talent shortage, by an expected 10.8 percent this year, pay rises in Latin America, Vietnam and Indonesia are being spurred partly by rising inflation.
Salaries in Vietnam and Indonesia are set to rise by 10.6 percent and 9 percent respectively.
In the United States, pay is expected to rise by just 2.8 percent, down from forecasts for a 4 percent rise in a similar survey taken by ECA in September, and 40 percent of firms will freeze pay.
Salaries across the Asia-Pacific are likely to rise 4.8 percent, compared with a 6.9 percent rise last year, but a third of companies in the region will freeze salaries, the survey shows.
Salaries in mainland China will hold up because of a talent shortage whereas pay in Japan, Singapore, Taiwan and China's special autonomous region of Hong Kong, which are all in recession, will be marginal if at all, although the slowdown will
be partly offset by receding inflation in Asia.
Salaries in Singapore and Hong Kong will increase by 2 percent, the same as in Western Europe, while in Eastern Europe they will increase by just under 5 percent. However, 29 percent of European companies plan to freeze salaries this year.
Salary Rise Rankings For 2009 for 53 countries ::Top 10 Bottom 101. Venezuela 43. Hong Kong2. Argentina 43. Singapore3. India 43. France4. Vietnam 47. Taiwan5. Egypt 47. Sweden6. Indonesia 49. Switzerland7. Russia 50. Canada8. Romania 51. Irish Republic9. South Africa 52. Lithuania10. Latvia 53. JapanIBM IS NO EXCEPTION FOR THIS : : : :
IBM has laid off some 2,800 employees, with more to come, according to the Alliance@IBM organization. Big Blue has had job cuts in both its Software and its Sales and Distribution groups, with more to come in the company’s Systems and Technology Group, sources said.IBM is planning to announce a new round of layoffs, with 5,000 US based workers being cut in favor of shifting some of the work to INDIA.
The new round of layoffs, expected to be formally announced Thursday, represent about 4% of IBM’s US based workforce of approx. 115,000 people, according to the Wall Street Journal. This is the second round of cuts this year for IBM, having cut thousands of jobs back in January.
The controversial aspect will be the offshoring; IBM has a big presence in India and has previously replaced US workers with workers based in India who demand far lower wages. It’s believed that many of the jobs being cut this week will also shift to India, although the exact number isn’t known
IBM confirms layoffs in Vermont ::The Essex Junction facility laid off a number of employees, confirming rumors that have been swirling around for months.
Earl "Unfortunately, rumors come true at IBM."
Earl "People are just like- 'there goes another person, there goes another person...' they were just being picked out of the line and called to the manager's office... then you're not seeing them again. I think we lost five people in my department."
After much speculation, IBM has confirmed it is laying off employees at its North American facilities-- including Essex Junction. The intent, an IBM spokesperson says, is to stay competitive... And - "manage the skills and resources of the company, to better match the current and future needs of its clients." IBM is not saying how many workers are being let go... But it is believed to be up to 500.
Dave Crawford\Essex Junction Village Mgr. "They noted these layoffs are part of a nationwide IBM reduction in force."
According to an organization called Alliance@IBM, IBM has laid off at least 1,419 workers in its Software Group and another 1,449 in Sales and Distribution. Lee Conrad, national coordinator of Alliance@IBM, said the numbers come from documents his organization obtained from laid-off workers. The documents, basically separation agreements, indicate how many people have been affected by what IBM calls a "resource action."
LAYOFFS TO CONTINUE AT IBM SOURCES conform:
So Hang out there ..! ! with ur fingers folded
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