Hyderabad, Jun 12: Satyam Computers board announced the launch of a Virtual Pool Programme (VPP), effective from Jun 2009, to address staff costs, while retaining the talent within the company.
Also the new owner of the Satyam, Tech Mahindra said that there will be 'no retrenchment' for now. Vineet Nayyar, the Tech Mahindra CEO said, "The surplus employees would be put in a separate pool and would be paid basic salary, provident fund and medical insurance, and at a later stage if they still needed a job they would be considered for employment."
VPP is applicable to India based employees and allows associates to take time-off from work on a reduced pay structure, for up to six months while they continue to retain their employment with the company. Kiran Karnik, the Chairman of Satyam Board said, "the programme is an innovative way of retaining the excellent human assets of Satyam despite the difficult global economic situation. It is a unique way of retaining associates and developing them further through training, while ensuring the financial viability of the company."