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Most of our employees will not lose LPG subsidy as their taxable income is within 10 lpa: Tinfosys

03, Jan 2016 By dasu

Bangalore. City based leading IT services company Tinfosys is happy to note that the change of government policy on LPG subsidy will not affect most of its employees.

Tinfosys HR head Krish2 Shankar told Faking News, “After the government announcement on LPG subsidy cut from Jan 1st , we did a quick scan on the returns filed by our employees. We were pleasantly surprised to find most of our employees are well within 10 lakh per annum taxable income.”

Many employees feel that the promise of salary hike is like the gas in these cylinders
Many employees feel that the promise of salary hike is like the gas in these cylinders

“The key word is taxable income because many employees have gross salary well in excess of 10 lpa. But to save them from these kind of announcements, we club all sorts of bonus as part of gross salary. To highlight few, our bonus carries weightage for individual performance, team performance, business unit performance & company performance. To get the bonus you need to meet the targets which the management has set for all categories,” Krish2 added.

“Calculation of bonus is done through a very complex formula which most in HR & finance do not understand. We have a tool which some young engineers wrote when they were on bench more than 15 years back. We need to feed the ratings in to the system. The tool will automatically calculate how much each employee will get,” Krish2 explained.

When we asked Mr. Krish2 what is the reason for HR to check the returns filed by employees when they have the record how much salary they pay to each employee, he said, “Please note this is taxable income, not salary. We have some employees, mostly managers, who indulge in stock trading and some years they make handsome returns.”

We met some employees to know their reaction. Manish, who is working for 10 years told us, “I never understand what kind of target management sets which anyway they never tell us. Looking at appraisal ratings, when more than 95% have met expectation or exceeded, how come company never meets the expectation.”

“May be they need to keep their expectation low. When company is running like Akash Chopra batting, how can you set strike rate of Chris Gayle as target. Till they do that, thirty percent of Gross salary I will consider as froth.”

Manish concluded by saying, “When our new CEO came, his huge salary made news. We thought big salaries were going to be company policy. But that policy is not reflecting in our salary. It still continues to remain in Akaal (Famine) zone. Sir, we want to assure you, we have no problem in paying market price for LPG, Please take us from Akaal to Vishaal Category.”