Indian IT major, Tata Consultancy Services (TCS) stated on October 29, that it has won a 15-year contract from Ireland’s Department of Social Protection to implement and support the country’s new auto-enrolment retirement savings scheme known as ‘My Future Fund’ according to a detailed report by Business Standard. 

The Business Standard report further explained that, while the financial details of the deal were not disclosed, such long-term contracts are typically categorised as large deals. The India information technology (IT) services company will provide an “end-to-end digital solution” for the automatic enrolment of some 800,000 workers in Ireland.

TCS will use its BaNCS platform to enable enrollment<o:p></o:p>

The company will use its TCS BaNCS platform to enable enrolment, record management, and benefit disbursement system. Services will be delivered through TCS’ Global Delivery Centre in Letterkenny, Co. Donegal, Ireland.

The project follows the passage of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year and the completion of a tender process by the Department of Social Protection.

“I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” said Heather Humphreys, Ireland’s minister for social protection. “My officials and I will work closely with TCS, the revenue commissioners, and payroll software developers to ensure that My Future Fund is delivered on time and to the highest standard.”

TCS has a similar experience with the NEST scheme<o:p></o:p>

TCS has experience with similar schemes, notably in the United Kingdom, where it has managed the National Employment Savings Trust (NEST) the Business Standard report explained further. The company designed a user-friendly, self-service model for NEST, which supports more than 13 million workers’ savings for retirement.

“TCS has expertise and experience in delivering critical transformation projects in the UK and Ireland. We will leverage this experience and our knowledge of the market to make the pension system more accessible, transparent, and efficient for workers in Ireland,” said Vivekanand Ramgopal, president, BFSI products &amp; platforms, TCS.

My Future Fund scheme will enable thousands of workers to save and invest for their future. The system will benefit employers, operational staff and pensioners by enhancing pension record management, ensuring timely payments, improving scheme finance management, and providing easy digital access to information.

According to Deepak Chaudhari, country head of TCS Ireland, “This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge and innovation, contributing to a project of national importance that will have a lasting impact.”

Market participants and investors will closely follow this TCS deal as it will help them in taking informed investment decisions with regards to India’s largest Information and Technology (IT) firm TCS along with the overall outlook for the Indian IT industry.

Indian IT major, Tata Consultancy Services (TCS) stated on October 29, that it has won a 15-year contract from Ireland’s Department of Social Protection to implement and support the country’s new auto-enrolment retirement savings scheme known as ‘My Future Fund’ according to a detailed report by Business Standard.

Indian IT major, Tata Consultancy Services (TCS) stated on October 29, that it has won a 15-year contract from Ireland’s Department of Social Protection to implement and support the country’s new auto-enrolment retirement savings scheme known as ‘My Future Fund’ according to a detailed report by Business Standard. The Business Standard report further explained that, while the financial details of the deal were not disclosed, such long-term contracts are typically categorised as large deals. The India information technology (IT) services company will provide an “end-to-end digital solution” for the automatic enrolment of some 800,000 workers in Ireland. TCS will use its BaNCS platform to enable enrollment The company will use its TCS BaNCS platform to enable enrolment, record management, and benefit disbursement system. Services will be delivered through TCS’ Global Delivery Centre in Letterkenny, Co. Donegal, Ireland. The project follows the passage of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year and the completion of a tender process by the Department of Social Protection. “I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” said Heather Humphreys, Ireland’s minister for social protection. “My officials and I will work closely with TCS, the revenue commissioners, and payroll software developers to ensure that My Future Fund is delivered on time and to the highest standard.” TCS has a similar experience with the NEST scheme TCS has experience with similar schemes, notably in the United Kingdom, where it has managed the National Employment Savings Trust (NEST) the Business Standard report explained further. The company designed a user-friendly, self-service model for NEST, which supports more than 13 million workers’ savings for retirement. “TCS has expertise and experience in delivering critical transformation projects in the UK and Ireland. We will leverage this experience and our knowledge of the market to make the pension system more accessible, transparent, and efficient for workers in Ireland,” said Vivekanand Ramgopal, president, BFSI products & platforms, TCS. My Future Fund scheme will enable thousands of workers to save and invest for their future. The system will benefit employers, operational staff and pensioners by enhancing pension record management, ensuring timely payments, improving scheme finance management, and providing easy digital access to information. According to Deepak Chaudhari, country head of TCS Ireland, “This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge and innovation, contributing to a project of national importance that will have a lasting impact.” Market participants and investors will closely follow this TCS deal as it will help them in taking informed investment decisions with regards to India’s largest Information and Technology (IT) firm TCS along with the overall outlook for the Indian IT industry.

TCS secures 15-year pension contract with Irish government

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.&nbsp;

When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". &nbsp;

"Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency.&nbsp;&nbsp;

"I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that."&nbsp;

Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls.&nbsp;

Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company.&nbsp;

"Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency.

(With inputs from agencies)

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Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor. When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". "Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency. "I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that." Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls. Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company. "Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency. (With inputs from agencies) WATCH WION LIVE HERE:

Wipro’s volte-face on moonlighting: Now says its fine, but there’s a catch 

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption."

The report said it was the "year of startups" with&nbsp;"tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration.

<a href="https://www.wionews.com/business-economy/how-will-union-budget-2022-2023-impact-non-resident-indians-nris-449602">Also Read:&nbsp;How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)?</a>

The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability.

"The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent.

NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy."

NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller."

(With inputs from Agencies) 
&nbsp;

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion. The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption." The report said it was the "year of startups" with "tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration. Also Read: How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)? The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability. "The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent. NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy." NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller." (With inputs from Agencies)

Indian IT sector crossed $200 billion revenue mark in FY22: Nasscom

It seems like the IT sector is staring at another major wave of layoffs. With Cognizant planning to layoff as many as 7,000 employees in the next few quarters and similar reports emerging about other IT majors like Infosys and CapGemini, close to 2 per cent of mid-senior level employees might face the axe.&nbsp;

While the year started on a positive note for the sector with a boost in hiring of freshers, the slow growth in the industry and change in technologies has led to a large fleet of obsolete workforce.&nbsp;

While speaking to WION, V Balakrishnan, Former CFO, Infosys, said the development is largely to be blamed on the slow growth and fat middle of companies.&nbsp;

"I think today the growth in the industry is down. We are talking about single-digit growth. When we are talking about that kind of growth, then we should focus on containing costs. On one side customers want value for money, they spend, and on the other hand you have cost structures which is not tuned to the current environment," Balakrishnan said.

"So it is natural for companies to look internally and see how to reduce the fat in the middle. Over a period of time because of the legacy business, companies have built a lot of people in the middle layer. So that middle layer has to be reduced for them to become competitive in the market. So that is what is happening in all IT companies. They are looking at the fat middle and trying to reduce it," he added.&nbsp;

While some companies are attempting to reskill the mid-senior level employees, not everyone can be reskilled. The companies are inevitably letting go of these employees, calling it involuntary attrition, citing poor performance.&nbsp;

"US has largely been successful in migrating to newer technologies. Whereas India has not made the transition as quickly. I sincerely believe this is not a recession of new business opportunities, but that this is a recession of skill sets. Like when the crowd gets old their packages are huge and so productivity comes down. They cannot adapt to newer technologies easily. They naturally become a burden on the institution. For the same cost two-three freshers can be hired and productivity can be increased. Economic scenarios will come into the picture when margins are hit. Obviously when margins are hit companies will look to get more productivity out of its junior employees who can be trained easily," Sudheendra, placement expert, said.&nbsp;

Added to that protectionist policies are forcing Indian IT majors to hire locally for onsite projects. In the recently held analysts meet, Infosys revealed that in the last one year 1,700 freshers were hired in the USA and Europe where salaries form a major part of the company's cost structure.&nbsp;

Although the homegrown IT major say there is no mass layoffs that has been planned, the idea is to correct the current "barrel shape" structure of the offshore pyramid.&nbsp;

"There is an onsite pyramid where most of the costs fly is a top-heavy pyramid. The bottom end of the offshore pyramid is more like a barrel shape and that is something which we intend to correct. One is we are increasing the fresher intake offshore that will broaden the base of the pyramid," said Nilanjan Roy, CFO, Infosys.&nbsp;

But thousands of employees are a worried lot.&nbsp;

Ajay, a techie in Bengaluru with 11 years experience was asked to quit from an IT major recently.&nbsp;

"They said my performance was not good in the last few months. How can that happen in every project? I was doing well. They would pick on petty issues and escalate it and make it seem like we have not done our work. I am the tenth person that I know of who has been asked to leave in this manner," said Ajay.&nbsp;

Anticipating the mass layoffs an IT employee association in Bengaluru has also approached the labour department seeking relief.&nbsp;

"Mass layoffs in any company having more than 100 employees is a violation of Industrial dispute Act, Chapter 5b. So we have approached the labour commissioner and have received a positive response from him. We are taking it forward in that direction. The Act makes it mandatory for any company with more than 100 employees to take permission from the labour department to have mass layoffs," said Ullas, member of Karnataka IT/ITeS Employees Union.&nbsp;

The fear, however, is that the trend is here to stay as it is coupled with the slump in the economy.&nbsp;

Experts feel that no major hiring or job inductions are on the horizon and reskilling is the only way forward.&nbsp;

"Recently the HR from a top IT firm called me and said he needed help removing employees from his company and placing them elsewhere. It is very new and unprecedented. This could become the new norm in India," said Sudheendra.&nbsp;

It seems like the IT sector is staring at another major wave of layoffs. With Cognizant planning to layoff as many as 7,000 employees in the next few quarters and similar reports emerging about other IT majors like Infosys and CapGemini, close to 2 per cent of mid-senior level employees might face the axe.

It seems like the IT sector is staring at another major wave of layoffs. With Cognizant planning to layoff as many as 7,000 employees in the next few quarters and similar reports emerging about other IT majors like Infosys and CapGemini, close to 2 per cent of mid-senior level employees might face the axe. While the year started on a positive note for the sector with a boost in hiring of freshers, the slow growth in the industry and change in technologies has led to a large fleet of obsolete workforce. While speaking to WION, V Balakrishnan, Former CFO, Infosys, said the development is largely to be blamed on the slow growth and fat middle of companies. "I think today the growth in the industry is down. We are talking about single-digit growth. When we are talking about that kind of growth, then we should focus on containing costs. On one side customers want value for money, they spend, and on the other hand you have cost structures which is not tuned to the current environment," Balakrishnan said. "So it is natural for companies to look internally and see how to reduce the fat in the middle. Over a period of time because of the legacy business, companies have built a lot of people in the middle layer. So that middle layer has to be reduced for them to become competitive in the market. So that is what is happening in all IT companies. They are looking at the fat middle and trying to reduce it," he added. While some companies are attempting to reskill the mid-senior level employees, not everyone can be reskilled. The companies are inevitably letting go of these employees, calling it involuntary attrition, citing poor performance. "US has largely been successful in migrating to newer technologies. Whereas India has not made the transition as quickly. I sincerely believe this is not a recession of new business opportunities, but that this is a recession of skill sets. Like when the crowd gets old their packages are huge and so productivity comes down. They cannot adapt to newer technologies easily. They naturally become a burden on the institution. For the same cost two-three freshers can be hired and productivity can be increased. Economic scenarios will come into the picture when margins are hit. Obviously when margins are hit companies will look to get more productivity out of its junior employees who can be trained easily," Sudheendra, placement expert, said. Added to that protectionist policies are forcing Indian IT majors to hire locally for onsite projects. In the recently held analysts meet, Infosys revealed that in the last one year 1,700 freshers were hired in the USA and Europe where salaries form a major part of the company's cost structure. Although the homegrown IT major say there is no mass layoffs that has been planned, the idea is to correct the current "barrel shape" structure of the offshore pyramid. "There is an onsite pyramid where most of the costs fly is a top-heavy pyramid. The bottom end of the offshore pyramid is more like a barrel shape and that is something which we intend to correct. One is we are increasing the fresher intake offshore that will broaden the base of the pyramid," said Nilanjan Roy, CFO, Infosys. But thousands of employees are a worried lot. Ajay, a techie in Bengaluru with 11 years experience was asked to quit from an IT major recently. "They said my performance was not good in the last few months. How can that happen in every project? I was doing well. They would pick on petty issues and escalate it and make it seem like we have not done our work. I am the tenth person that I know of who has been asked to leave in this manner," said Ajay. Anticipating the mass layoffs an IT employee association in Bengaluru has also approached the labour department seeking relief. "Mass layoffs in any company having more than 100 employees is a violation of Industrial dispute Act, Chapter 5b. So we have approached the labour commissioner and have received a positive response from him. We are taking it forward in that direction. The Act makes it mandatory for any company with more than 100 employees to take permission from the labour department to have mass layoffs," said Ullas, member of Karnataka IT/ITeS Employees Union. The fear, however, is that the trend is here to stay as it is coupled with the slump in the economy. Experts feel that no major hiring or job inductions are on the horizon and reskilling is the only way forward. "Recently the HR from a top IT firm called me and said he needed help removing employees from his company and placing them elsewhere. It is very new and unprecedented. This could become the new norm in India," said Sudheendra.

Indian IT sector stares at another wave of major layoffs

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TCS secures 15-year pension contract with Irish government

Wipro’s volte-face on moonlighting: Now says its fine, but there’s a catch

Indian IT sector crossed $200 billion revenue mark in FY22: Nasscom

Indian IT sector stares at another wave of major layoffs