Hiring activity down marginally in November: Monster.Com

Monster.Com’s monthly employment index, which reflects online job demand, dipped to 117 last month from 119 in October

Against the backdrop of uncertain economic conditions, hiring activities witnessed a marginal slowdown in November, according to a report.

Monster.Com’s monthly employment index, which reflects online job demand, dipped to 117 last month from 119 in October.

However, the index recorded a 7% growth in November in comparison to the same period a year ago, leading job portal Monster.Com said. “... A slightly more cautious approach by companies in view of the economic scenario is evident by the easing of online demand levels from October to November,” Monster.Com managing director (India/West Asia/South-East Asia) Sanjay Modi said.

Banking, financial services and insurance registered significant month-on-month growth of 15% following a dip in activity in the previous month, owing mainly to sharp growth in the insurance sector, it noted.

According to Monster.Com, hiring activities declined in the IT hardware and software sectors last month, compared to October. Modi pointed out that the employment index showed continued positive growth in recruitment activity from an annual perspective, led by key industries like telecom IT, and financial services.

In terms of cities, Bangalore registered “the first positive month-on-month growth in recruitment activity since July 2011”.

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Kotak Life Insurance launches Kotak Invest Maxima

Kotak Invest Maxima offers additional survival units of up to 2% of fund value starting from 10th year and every 5th year thereafter

Kotak Mahindra Old Mutual Life Insurance Ltd has launched Kotak Invest Maxima, an investment oriented unit linked insurance plan (ULIP).

While the plan’s zero premium allocation charge feature maximizes the investible component, the choice of three different portfolio management strategies affords customers tremendous flexibility in managing their portfolio. Customers can choose from (a) Self Managed Strategy which offers a choice of 5 attractive funds options, or, (b) Systematic Switching Strategy which enables the customer to invest in the equity market in a systematic manner over a period of time or (c) A customized combination of the two. In the last policy year, customers can choose to exit the policy in a secure and systematic manner, by selecting the Systematic Exit Strategy option which gradually diverts all fund balances into a lower risk money market fund, to avoid volatility and safeguard returns on maturity.  

Apart from regular premium payment option, the plan also offers limited and single premium payment options. Optional rider benefits can be bought to guard against unforeseen situations such as critical illness, accidental death and permanent disability. The maturity benefit is higher of sum assured or fund value.

The plan offers additional survival units of up to 2% of fund value starting from 10th year and every 5th year thereafter. The plan also allows the policyholder to pay top up premiums at zero percent allocation charge

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Barclays India freezes retail business

Barclays, which will keep its branch network to satisfy the RBI requirement, is not alone in paring down its retail business. The Royal Bank of Scotland is awaiting RBI permission since July 2010 to sell its retail business to HSBC. RBS has 31 branches here

Mumbai: The domestic arm of the British lender Barclays, which has been rejigging its operations here, today said it is freezing the retail business in the country, a move that comes a day after it sold nearly three quarters of its credit card business to StanChart India, reports PTI.

“As part of our decision to consolidate and build a sustained profitable Indian business based on our competitive strengths globally, we have decided to not book new retail loans here. However, we will continue to maintain our deposit business, while focusing on wealth management, large corporates and investment banking services. All the existing loans will, of course, continue as normal,” the official spokesperson of Barclays India told PTI through an email.

Yesterday, StanChart India had told this agency that it bought 1.6 lakh of the 2-lakh standard credit card portfolio of Barclays, valued at around Rs175 crore, for an undisclosed sum.

But the bank said it bought cards at a huge discount to the book value of Rs175 crore. Barclays, which did not confirm the deal officially, has around 3 lakh customers under its credit card business.

The plan to quit the retail business will see at least 150 people getting the pink slip, according to a Barclays’ insider. This comes four months after Barclays, which is fighting to revive profitability, sacking 50 people here, following its decision to merge the sales team of its commercial and investment banking units.

The latest job cuts will represent about 17% of the bank’s remaining 850 employees in the country, said the source.

It can be noted that Barclays, which will keep its branch network to satisfy the Reserve Bank of India’s (RBI) requirement, is not alone in paring down its retail business. The Royal Bank of Scotland is awaiting RBI permission since July 2010 to sell its retail business to HSBC. RBS has 31 branches here.

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