Monday, 23rd April, 2018

Snippets

New IT Company breaks the trend, offers starting package of 3.01 LPA instead of the standard 3 LPA

09, Jan 2018 By dasu

Bengaluru: New IT company ‘Copy & Paste technologies’ headquartered in Bengaluru breaks the trend which even Nostradamus predicted it will never break, that is offering freshers starting package above three lakhs per annum.

In a landmark board meeting, ‘Copy & Paste technologies’ board decided to increase fresher’s package to 3.01 lakhs per annum. This is the first revision of fresher’s salary by any ‘standard’ IT company in last fifteen years.

While talking to us board chairman Abhinandan Nilekani said, “This 0.33% increase will have 5 bps point impact on our EBIDTA margin in the short term, but it will be hugely positive for the company in the long term as it will help us in attracting the best talent from the top colleges of the country.”

On our query, how the industry will take it considering some veterans from industry have termed it as a cartel that was working for so long to keep fresher’s salary low, Mr. Abhinandan said, “We are new to industry, so we are not aware of any cartel. Some CEOs, I spoke to said, this was primarily done for two points. 1st to maintain uniformity across. As you know some parents displaying their son or daughter’s salary package will tell others how their son or daughter are better. Second point, freshers are new to industry, out of ignorance they ask each other’s salary which is so unprofessional. Keeping 3 LPA took kept this ‘unprofessionalism’ at bay.”

Speaking to Faking News, industry veteran for last twenty years, Mr. Narayan Swamy said, “Congratulate Abhinandan and his team at ‘Copy & Paste technologies’ in taking this ‘tough’ step. Along with this, want to see rationalization of top management’s salary.”

Worried Outfosys thinking they will get a letter from Narayan Swamy have decided to cut salary of its employees taking 25 LPA or above by 0.005%.