People in the IT Industry talk about CTC(for the initiated in the IT Jargon , it means how big a you burn a hole in the Company‘s pocket).
This CTC is way below your expected take Home pay, when you calculated at the time of negotiating your Salary, after confusing calculations like a Mobile Bill, excepting the man who raised it , none can understand it!)
Workers, even IT Professionals are workers, are being cheated , only thing is that they are unaware of it as the terms are couched in Jargons,
Now the Corporations have gone a step higher.
New York Times reports that Companies have resorted to issuing salary by cards to workers and they have to en-cash these cards.
Result, one more Company earns,I would not be surprised if it is also owned by the Company that issues the salary!
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A growing number of American workers are confronting a frustrating predicament on payday: to get their wages, they must first pay a fee.
For these largely hourly workers, paper paychecks and even direct deposit have been replaced by prepaid cards issued by their employers. Employees can use these cards, which work like debit cards, at an A.T.M. to withdraw their pay.
But in the overwhelming majority of cases, using the card involves a fee. And those fees can quickly add up: one provider, for example, charges $1.75 to make a withdrawal from most A.T.M.’s, $2.95 for a paper statement and $6 to replace a card. Some users even have to pay $7 inactivity fees for not using their cards.
These fees can take such a big bite out of paychecks that some employees end up making less than the minimum wage once the charges are taken into account, according to interviews with consumer lawyers, employees, and state and federal regulators.
Devonte Yates, 21, who earns $7.25 an hour working a drive-through station at a McDonald’s in Milwaukee, says he spends $40 to $50 a month on fees associated with his JPMorgan Chase payroll card.
“It’s pretty bad,” he said. “There’s a fee for literally everything you do.”
Certain transactions with the Chase pay card are free, according to a fee schedule.
Many employees say they have no choice but to use the cards: some companies no longer offer common payroll options like ordinary checks or direct deposit.
At companies where there is a choice, it is often more in theory than in practice, according to interviews with employees, state regulators and consumer advocates. Employees say they are often automatically enrolled in the payroll card programs and confronted with a pile of paperwork if they want to opt out.”
Is the Government awake?
They are planning additional pay out to these poor Corporations.
Source:
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They disclose that they misled the German Government on the state of their bank to get a bail out.
Having been pumped Money, these bankers are laughing at the stupidity of the Government,
http://ramanisblog.in/2013/06/26/bankers-mislead-get-bail-out-joke-on-tape/
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