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UST Global gives axe to 700 staff at Technopark - Deccan Chronicle

  Image removed. The UST Global on  Nila campus in Technopark is planning to sack between 1,000 and 1,300 employees, it is learnt. Apart from freshers, IT engineers with more than 7-8 years’ experience have been forced to resign by the HR department. Those challenging the action have been slapped with termination letters. But UST Global’s country head Alexander Varghese denied this and said that there had  been no massive layoffs. The employees who have been asked to resign are working on ‘bench’ where they are given  training and are waiting to get into a project.  According to an IT source, they  are on  pay scales between Rs 25, 000 and Rs 36, 000 with less than one year to over  7-8-years  experience. An employee said he was called to the HR manager’s cabin, asked to log on to his employee portal and  forced to resign. “So far 700 techies have gone out and they are aiming between 1,000 and 1,300. The techies who are on the ‘bench’ don’t sit idle. They will be asked to work on various projects on Java, NET Frameworks, PHP and so on. The UST Global which has thousands of employees has created end-grading – Outstanding (O), Excellent (E), Strong Contribution (S) and Needs Improvement (N),”   a former employee  told DC. Another techie who has been asked to put in his papers said he had got no increment and last year’s variable pay as well. “They are trying to defend their moves by suddenly citing that you have got ‘N’ grade when all these years I had ‘O’ record. Most of us are like a ‘time bomb’ which is about to explode  because  when you come to the office tomorrow, your seat would not be there. Even freshers are  under stress as they have been denied an opportunity to perform well,”  an IT engineer with over seven years’  experience said. However, Mr. Varghese told DC that there have been no massive layoffs in UST Global since the last three to four years. “People who have left the company have either left voluntarily or joined other IT companies”, said Mr. Varghese. Courtesy : Read the full news and comments in below link