Ramanisblog

Tag: Company

  • Salary By PrePaid Cards Exploitation By Corpotations

    Prepaid card salary
    The franchise owners, Albert and Carol Mueller, said in a statement that they comply with all employment, pay and work laws, and try to provide a positive experience for employees. McDonald’s itself, noting that it is not named in the suit, says it lets franchisees determine employment and pay policies.

    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!

    ”

    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    For these largely hourly workers, paper paychecks and even direct deposit have been replaced by prepaid cards issued by their employers.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:

    http://www.nytimes.com/2013/07/01/business/as-pay-cards-replace-paychecks-bank-fees-hurt-workers.html

    Related Articles

    The Irish Independent had released an audio clip  showing two Bankers of Anglo Irish Bank.

    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/

  • Top Five Ways to Confidently Shop For a Car Loan

    Times are changing and one can not hold on to the old values still.

    Gone are the days when taking a loan was considered to be a Social sin.

    To day not possessing a Credit card is looked upon as almost a Sin!

    We have Companies asking people to take out a loan,’ in fact one is besieged with offers.

    Under the changed socio-economic scene one can not help but to swim with the current.

    Bur care is to be exercised in taking a loan , whether it is a personal or Car loan.

    The following is a Guest Blog.

    The information seems to be handy.

    I would like to add that one may also check with the people personally, who have availed loan from the Company, to know more about the Lender.

    Shopping for a car loan can be a little intimidating .But; it is not going to have to be that perplexing or nerve-racking if you just know the issues to ponder. Consider the following factors and shop for a car loan with confidence:

    Car
    New Car

    The Post.

    1.     Use the internet:

    A single clicking the mouse can fix your problem right away. There are authentic lenders on the Internet that will provide you a number of automobile financial loans to assess once your bankruptcy has been launched or ignored. You can find several suppliers with various prices that you’ll be able to assess and you will have choices to choose that will fit your personal cost variety.

    2.     Think about third-party creditors.

    Besides considering on-line viewpoint ask your family, colleagues, friends who gives their car loan. Read up on companies you are seeking for and find out one that seems to fit your circumstance best. Some are dedicated to loans, some concentrate on candidates with a bad credit score, and some also offer re-finance alternatives for the future. When you discover the best, just implement.

    3.     Do not act in haste:

    It is a must to remember that, the circumstances set for each loan provider differ. Before discovering various lenders, it’s suggested to evaluation your current budget to get a better understanding of your monthly payments. Never hesitate to go through the terms and conditions proposed. It’s advisable not to rush. Sit comfortably in home and decide. If inquiry on any of the terms haunts you, never hesitate to pose the question to the lender.

    4.     Don’t rely on the lender’s information

    Probably the greatest error you can create when purchasing a new car is depending on the car trader’s information. It’s not that he does not have the information, but rather that he has more of it than you do. In purchase to get the best cost on a new car, the vital factor that you have to do is to bridge that information gap. The best way to do this is by doing your preparation before you even start the procedure. To prevent having to cope with the prospective frauds and price of funding through the store, you may want to locate all of your financing choices before you get to that factor. By planning yourself with reliable details and knowing what your alternatives are, you can create a better cost-effective choice. Don’t let the satisfaction of driving turn into an anxiety and a nightmare.

    5.     Evaluate your budget

    Do not go out of your price range. Be sure to buy a car that will be quickly cost-effective for you. Fix a price range and try to stick to your budget. It’s better not go to a very fashionable model, if it is really out of your arrive at. A reality sense is incredibly in the need. The salesman will try to persuade you to take great mortgage, but you should be conscious of your finances.

    Conclusion

    To get a better financing is to find someone, usually an efficient source, who is willing to co-sign the car home loan. Doing so will enhance your opportunities of getting approved since it will reduce the quality of risk to the car loaning company. Happy Shopping!

    About the Author:

    The above article is written by CJ, who is a community head at Fincar , the professional car loan company, Sydney and is working for various other finance specialists. She specializes in writing articles related to car finance, loans, etc.

  • UPA’s Coalgate,Can DMK Be Left Behind?

    I had hinted on this in my blog yesterday that all the parties are involved as the unfolding events suggest.

    I drew  a parallel with the 2G scam.

    English: K. Karunanidhi, Chief Minister of Tam...
    English: K. Karunanidhi, Chief Minister of Tamil Nadu (Photo credit: Wikipedia)

    It has now come to light that Jagathrakshakan, Union Minister of State for Information and Broad casting, through his Company ,J R Power Gen Pvt Ltd .which was barely five days old when it signed an MoU with the state-owned Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC)  stake a claim for a captive coal block , was allotted in 2007.

    This allocation was done despite the stipulation that the allotment is to be made to PSUs with interests in the Core Sector.

    PIPDIC is an Investment facilitator and as for as Jagathrakshakan’s Company is concerned , it has nothing to do with the Core Sector,

    excepting the fact that Jagathrakshakan is intimately associated with the Core Sector Karunanidhi,the DMK Supremeo and a

    Scientist of Scams, by  Organising felicitation Functions for him at the drop of a hat and there were too many hats.

    M.K Azhagiri is the Union Minister of Fertilizers and I am expecting a scam in the Fertilizer  sector any time now.

    There has been a whiff of this when the Fertilizer prices were revised.

    Let’s wait.

    In the meanwhile the DMK  started  singing the Standard Family Tune.

    That Jagathrakshakan was not an MP then,as though to get the benefit of the scam one has to be a MP.

    Next will be Jagathrakshakan had no connection with the Company;in fact the first step was taken by saying he has resigned before the

    Coal allocation.

    Precisely the same argument  M.K.Azhagiris son used when his Company was caught in Madurai in  mining scam;the argument of

    Kanimozhi that she had nothing to do with Kalaignar TV excepting the fact that she was a Director;Dayalu Karunanidhi’s argument that

    she knew nothing of the daily transactions of the TV and that she did not know English!

    Katunanidhi’s script always has twists and turns.

    Story:

    The DMK has again landed the UPA government in a spot as the focus now shifts to the family of Union minister of state (information and broadcasting) S Jagathrakshakan for their involvement in a company that was awarded a coal block in 2007 despite it having no track record in the sector. MK has again landed the UPA government in a spot as the focus now shifts to the family of Union minister of state (information and broadcasting) S Jagathrakshakan for their involvement in a company that was awarded a coal block in 2007 despite it having no track record in the sector. The Jagathrakshakanowned J R Power Gen Pvt Ltd was barely five days old when it signed an MoU with the state-owned Puducherry Industrial Promotion Development and Investment Corporation (PIPDIC) to stake a claim for a captive coal block. Coincidentally, this round of allotments were made to PSUs which had to specify end use for the coal. While J R Power had no interests in any core sector, PIPDIC just facilitates investments in the region . Neither could have directly utilized the coal block. According to documents available with TOI, J R Power, in which Jagathrakshakan and his family members were directors, entered into the MoU with PIPDIC on January 17, 2007. On July 25, 2007, PIPDIC and Gujarat Mineral Development Corporation were allocated a coal block in Naini, Orissa. As per the MoU, J R Power also enjoyed a stake for end use of this allotment . However, months after the allocation of the block, J R Power, which had no expertise in thermal power , iron and steel, or cement — key sectors for consumption of coal — sold 51% stake to Hyderabad-based K S K Energy Ventures Ltd, an established player with interests in the energy sector. The rights for the use of the coal block thus passed to K S K. Admitting to getting a coal block, Jagathrakshakan told TOI, “It is true that we got coal allocation but it was a sub-contract with Puducherry government and then we gave it away to KSK company. Now, we have got nothing to do with the allocation but if the government wants to take back the allocation it can do so.”

    http://timesofindia.indiatimes.com/city/chennai/DMK-ministers-family-linked-to-coal-block-deal/articleshow/16290889.cms

    “Questions are now being raised as to how J R Power Gen managed to enter into an MoU with a state agency with rights to a coal block although it had no expertise in allied sectors. Jagathrakshakan was not a minister or MP in the DMK when the deal was struck. Later, he resigned as director of the company in 2009, to contest in the elections, but his family members remain on the board. “The coal block was allocated to PIPDIC without any end use. The company did not specify any power, iron or cement industry project when it got the coal block. Subsequently, it entered into an agreement with another company again without any experience in power projects. Thus the coal has been allocated without applying of mind allegedly under some influence,” said M R Venkatesh , a chartered accountant and activist. The DMK sought to distance itself from the controversy saying Jagathrakshakan was not a member of the party at that point.”

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  • Modus Operandi Of Tamil Nadu Granite Fraud,Bribe Tiers.

     

    I have posted a blog on Rs.35,000 Crore Bribe On CD and details of the massive fraud by the Granite companies.

    The TAMIN,Tamil Nadu Minerals was formed in 1979 by the GR Government to earn money and to provide employment for the villagers in quarrying.

    The Government was the only Agency to mine and market minerals including Granites.

    About ten years back, it was decided to allow private sector into the filed and the owner’s of the land where the Mineral was found to market their own Granite.

    This how the private sector made entry into this business and the officials ,in cahoots with the Businessmen advised them to make use of the loopholes in the law.

    Rates/month have been fixed for the officials .

    VAO 10,000

    DRO 100,000

    Collector 15,00000

    Imagine the amount over 10 years!

    An unofficial estimate says the sum involved is to the tune of 45,000 Crore.!

    The money was disbursed in Gunny Bags and it is named as ’Vibhuti Pocket’

    The money was used to be stored in an old house in a village with a number of Steel Bureaus and an old man would be occupying the house in a humble cot.

    This money was used to be disbursed from Madurai up to the Port of Tuticorin in the same way.

    Following the preliminary Report of the then Collector of Madurai, Mr.Sahayam, the present Collector Mr.Ansul Misra, has ordered raids on the quarries.

    Surprise awaited them.

    1.Many quarries were missing!-Stones have been dumped into the quarries to cover it.

    2.Lands were occupied illegally.

    3.Local Tanks ‘called ‘Kanmais’ were occupied and mined.

    4.Some quarries which were licensed were missing.(by dumping stones in the mines/quarry).

    This is not all.

    Olympus Granites 9P) Ltd, a Company in which Durai Dayanidhi,the son of Union Minister for Fertilizer Azhagiri and Grand son of DMK Supremo,M.Karunanidhi,had obtained ‘Mining License’ for mining by Tunnel in a spot adjacent to TAMIN,Government quarry.

    The place chosen by the Company has no known traces of Granite or minerals!

    The Company has shown that they have paid a lease amount for 1865 Cu.M.

    No quarrying has been done there!

    What they have done is to take out the Granite from the Government quarry , show it in their account and sold it!

    The Officials have been bribed.

    Sindhu Granites have been mining under a village where people live(Rangasamy Puram)!

    PRP Exports is another Company which was indulging n large scale fraud.

    All these Companies have been booked and FIR filed.

    The employees of these Companies have been arrested, including the senior executive of Olympus Granites.

    Duarai Dayanidhi says he resigned from the Company in 2010.

    How the lid came off the scam is very interesting.

    One of the Companies’ Quarrying was cancelled for an offence.

    The owner of the quarry met the senor officer and bribed 10 lakhs.

    On seeing this,the officer cancelled thed the licences of all the quarries and the proprietors have paid him and the quarries were allowed to operate.

    In the process one quarry was left out.

    The proprietor let it be known to the Government the whole drama enacted to get bribe and this reached the CM,Jayalalithaa.

    She ordered for a preliminary Report from the then Madurai Collector Mr.Sahayam and he promptly shot off a report that the Government has been defrauded at least Rs.15,000 Crore.

    Source Junior Vikatan 12/8  and Kumudam Reporter 16/8/2012.