logo
Genpact issues clarification on 10-hour workday after backlash

Genpact issues clarification on 10-hour workday after backlash

Time of India4 days ago
Genpact has clarified it follows a nine-hour workday, not ten, amid backlash over reports of extended hours. Employees and HR experts criticised the move, which was communicated internally around 20 days ago. A senior employee told ET HR World that the 10-hour workday wasn't formally announced, but informally pushed through managers and agents.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Technology and services firm Genpact responded to recent concerns by clarifying that it follows a nine-hour workday and not ten, according to a report by The Times of India.The clarification came after a backlash over the company's recent decision to extend the working day to 10 hours. ET had reported that the change, communicated internally around 20 days ago, was expected to roll out by mid-June.Employees and HR professionals criticised the move, saying it goes against progressive workplace practices Adding to concerns, employees revealed that under the new arrangement, 'productivity' would be tracked via an internal system monitoring daily active hours.A senior staff member told ET HR World that the '10-hour policy isn't even official, but is passed through managers and agents'. The same person noted that there were frequent resignations by experienced employees, with new hires taking their place.The situation has once again given rise to discussions around the work-life balance in Indian companies Genpact's clarification comes shortly after Infosys advised employees against working excessively long hours while remote, citing health risks and urging a better focus on work-life balance.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Soham Parekh breaks silence: Indian engineer admits to working at multiple startups, says it wasn't to scam anyone
Soham Parekh breaks silence: Indian engineer admits to working at multiple startups, says it wasn't to scam anyone

Hindustan Times

time13 minutes ago

  • Hindustan Times

Soham Parekh breaks silence: Indian engineer admits to working at multiple startups, says it wasn't to scam anyone

Soham Parekh, accused of working at multiple startups simultaneously, has admitted to doing so in a recent interview but strongly added that he didn't do it to scam the companies. The internet has been flooded with stories, opinions and allegations after Mixpanel co-founder Suhail Doshi shared a tweet about Parekh accusing him of being a scammer. Soham Parekh, accused of working at multiple startups at the same time, hails from Mumbai and later relocated to the USA. (YouTube/@TBPNLive) In an interview with TBPN, Parekh shared his side of the story. When one of the interviewers asked him if he indeed held multiple jobs at the same time, Parekh said, 'It is true'. Why did he do it? 'Do you believe you were in violation of your own employment contracts? Or do you believe there were some legal loopholes that allowed you to do this without committing any sort of legal violation?' Parekh was asked. The Indian techie answered, 'Honestly, going back to how it started and what the motivations were. You probably know, I would want to preface with saying I'm not proud of what I've done. It's not something I endorse either.' He then says that he did it due to his financial situation. 'Financial circumstances essentially. No one really likes to work 140 hours a week but I had to do it out of necessity.' He explained that his actions were guided by necessity and not by greed. Did he hire people to work for him? Social media claimed that Parekh made a business out of his multiple jobs by hiring junior developers to do most of the work. The Indian techie denied the allegations, adding that he wrote every "inch of codes." Soham Parekh said he was born in Mumbai and relocated to the US in 2020. He was originally scheduled to relocate in 2018 and start his grad school. However, he said he had to give up on the idea due to his financial situation.

SEBI Bans Jane Street From Indian Markets, Orders Rs 4,843 Cr Seizure Over Derivatives Probe
SEBI Bans Jane Street From Indian Markets, Orders Rs 4,843 Cr Seizure Over Derivatives Probe

News18

time22 minutes ago

  • News18

SEBI Bans Jane Street From Indian Markets, Orders Rs 4,843 Cr Seizure Over Derivatives Probe

Last Updated: The action comes as part of SEBI's ongoing probe into suspected market manipulation by Jane Street through its derivatives trading SEBI India's capital market regulator, the Securities and Exchange Board of India (SEBI), has barred US-based proprietary trading firm Jane Street Group and its associated entities from participating in the Indian securities market. According to a report by Bloomberg and an official order published on SEBI's website, the firm is prohibited from buying, selling, or dealing in any securities—either directly or indirectly—until further notice. SEBI also directed all banks to freeze withdrawals from accounts linked to Jane Street Group entities. This includes individual and jointly held accounts, unless SEBI provides specific approval for transactions. The action comes as part of SEBI's ongoing probe into suspected market manipulation by Jane Street through its derivatives trading activities. The firm reportedly earned over $2.3 billion in profits from equity derivatives trading in India last year. SEBI's order further states that unlawful gains of Rs 4,843 crore—allegedly earned through manipulative practices—will be impounded. Jane Street entities have been directed to open an escrow account with a scheduled commercial bank in India and deposit the entire amount. Banks where these companies maintain accounts have also been instructed to not allow any debits without the regulator's permission. Additionally, Jane Street Group and its related entities must close or square off all existing positions within three months or by the contract's expiry—whichever comes first. April 2024: SEBI begins initial analysis after media reports highlight a legal dispute involving Jane Street's alleged unauthorized use of proprietary trading strategies in Indian markets. July 23, 2024: SEBI instructs the National Stock Exchange (NSE) to examine Jane Street's trading activity to identify potential market abuse. August 2024: SEBI interacts with Jane Street on August 20, and the firm submits its response on August 30, explaining its trades. November 13, 2024: NSE submits its examination report on Jane Street's trading patterns to SEBI. December 2024: SEBI observes unusual volatility in index options, especially on weekly expiry days. It notes that certain entities, including Jane Street, were running exceptionally large risk positions in cash-equivalent terms in the F&O segment. February 4, 2025: Based on preliminary findings, SEBI believes Jane Street is in violation of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations. February 6, 2025: NSE, on SEBI's instructions, issues a caution letter to Jane Street Singapore Pte Ltd and related entities, advising them to refrain from potentially manipulative trading patterns. February 6 & 21, 2025: Jane Street responds to the caution letter, providing justifications for its trading activities. May 15, 2025: Despite the warning, Jane Street continues to operate with very large cash-equivalent positions in index options, leading to further regulatory scrutiny. What Are Cash Equivalents in F&O? In the context of futures and options (F&O), cash equivalents refer to short-term, highly liquid instruments such as treasury bills or money market funds. These assets are often used as collateral for margin requirements, allowing traders to earn returns while actively engaging in derivatives trading.

Stocks To Watch: Vedanta, RBL Bank, Bajaj Finance, RIL, Bharat Forge, Marico, And Others
Stocks To Watch: Vedanta, RBL Bank, Bajaj Finance, RIL, Bharat Forge, Marico, And Others

News18

time22 minutes ago

  • News18

Stocks To Watch: Vedanta, RBL Bank, Bajaj Finance, RIL, Bharat Forge, Marico, And Others

Last Updated: Stocks to watch: Shares of firms like Vedanta, RBL Bank, Bajaj Finance, RIL, Bharat Forge, Marico, and others will be in focus on Friday's trade Stocks to Watch Today, Friday, July 4, 2025: Indian stock markets ended slightly lower in the previous session amid volatility on the weekly expiry day, extending the ongoing consolidation phase. On Friday, shares of Vedanta, RBL Bank, Bajaj Finance, Reliance Industries, Marico, and others will be in focus based on significant corporate updates and market activity. Piramal Pharma Private equity giant Carlyle Group is reportedly planning to offload up to a 10% stake in Piramal Pharma via block deals, with the transaction expected to be worth Rs 2,600–2,700 crore. Emcure Pharmaceuticals Bain Capital's affiliate BC Investments IV may sell a 2.4% stake in Emcure Pharmaceuticals through block deals, as per market reports. Bajaj Finance Bajaj Finance reported a 23% YoY jump in new loans booked during Q1FY26, totalling 13.49 million, compared to 10.97 million a year ago. The customer base rose to 106.51 million. Deposits grew 15% to Rs 72,100 crore, while AUM surged 25% YoY to approximately Rs 4.41 lakh crore. Bank of Baroda The lender's global advances grew 12.63% YoY to Rs 12.07 trillion in Q1FY26, while domestic advances rose 12.45% to Rs 9.91 trillion. Global and domestic deposits increased by 9.13% and 8.10%, respectively. Loans and advances grew 6.4% YoY to Rs 1.33 lakh crore but declined 2.5% sequentially. Total deposits rose 16.1% YoY to Rs 1.54 lakh crore. CASA deposits, however, dropped around 6% YoY and 12% QoQ. The company posted a 4% YoY decline in Q1FY26 volumes, dragged down by weak rice sales. However, revenue rose 21% YoY due to better realisations in the edible oil segment. Marico The maker of Parachute and Saffola reported strong underlying volume growth in India, reaching multi-quarter highs in Q1. International business also delivered high-teen growth in constant currency terms. Indian Energy Exchange (IEX) IEX reported a 6.5% YoY rise in traded volumes for June 2025, totaling 10,852 MU. Reliance Industries Reliance Retail Ventures (RRVL) has acquired a strategic minority stake in UK-based FaceGym, a facial fitness and skincare brand. RBL Bank Total deposits grew 11% YoY and 2% QoQ to Rs 1.12 lakh crore. Gross advances rose 9% YoY to Rs 96,704 crore, led by a 13% growth in wholesale loans and a 7% rise in retail advances. Vedanta The company posted record quarterly alumina production of 587 kt at its Lanjigarh Refinery. Zinc India and Zinc International also hit new production highs, while Ferro Chrome output surged 150% QoQ. Jindal Steel and Power Jindal Steel received a Letter of Intent from the Odisha government for a 50-year mining lease for the Roida-I Iron Ore and Manganese Block, with estimated deposits of over 126 million tonnes. Godavari Biorefineries The company secured a European patent for an anticancer molecule, validated in Spain, the UK, and under a Unitary Patent. Mobikwik Mobikwik's brokerage arm MSBPL received SEBI's approval to operate as a Stock Broker and Clearing Member. Bharat Forge Its subsidiary Kalyani Strategic Systems has set up a new entity—Agneyastra Energetics Ltd—to manufacture high-energy explosives, propellants, and ammunition, enhancing its end-to-end defence capabilities. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Aparna Deb Aparna Deb is a Subeditor and writes for the business vertical of She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, More Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18. First Published: July 04, 2025, 08:02 IST

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store