New Delhi:Women in India make on-average 16.1 per cent less than men, similar to the global average, as the percentage of the fairer sex in higher-paying roles is less, says a Korn Ferry report.
According to the Korn Ferry Gender Pay Index, women across the globe make on-average 16.1 per cent less than men. However, the pay gap becomes much smaller while analysing same job level, same company, same function.
Globally, while considering the same level at the same company, the gap further reduced to 1.5 per cent. And when the male and female employees were at the same level and the same company and worked in the same function, the average gap amounted to 0.5 per cent.
In India, when evaluating the same job level, the gap is 4 per cent, and when considering the same level at the same company, the gap fell to 0.4 per cent. When male and female employees at the same level and the same company worked in the same function, the gap fell to 0.2 per cent.
Researchers analysed information from Korn Ferry’s pay database to create the Korn Ferry Gender Pay Index. The Index is an analysis of gender and pay for more than 12.3 million employees in 14,284 companies in 53 countries across the globe.
“While there are still a number of organisations that pay women less for the same role, on average, when we compared women and men in the same job, the gap is significantly reduced,” said Bob Wesselkamper, Korn Ferry head of Rewards and Benefits Solutions.
Wesselkamper further noted that this pay gap issue can be remedied if organisations address pay parity across the organisation and continue to strive to increase the percentage of women in the best-paying parts of the labour market, including the most senior roles and functions such as engineering and other technical disciplines.
The gender pay-gap in India is more than China, which stood at 12.1 per cent. The pay gap in some of the representative nations like Brazil stood at 26.2 per cent, France 14.1 per cent, Germany 16.8 per cent, the UK 23.8 per cent and the US 17.6 per cent.
Pay parity is still a very real issue, but it’s an issue that can be addressed if there is an ongoing effort to enable, encourage and select talented women to take on and thrive in challenging roles, said Reena Wahi, Client Partner, Korn Ferry Hay Group.
MPC to meet six times during 2019-20: RBI
Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.
The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.
The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.
The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.
According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).
SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds
New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.
“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.
The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.
State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.
Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options
New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.
Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.
fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.
Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.
Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.
The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.
Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.
In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.
Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.
The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.