Mastek to hike pay by upto 20percent, enters alliance with Genpact
Date: 29-May-2010
MUMBAI: Software services firm Mastek Ltd on Tuesday said it will implement wage increases for junior-to-middle level employees from the fiscal year 2010/11 that begins July 1.
Pay hikes of about 20 percent on an average for offshore employees and 3.5 percent for employees working onsite will be implemented from July 1, the company said in a statement.
MajescoMastek, a wholly-owned subsidiary of Mastek, has entered into strategic partnership to focus on the insurance industry, which will help insurance carriers' operations, leveraging both business process management and technology solutions, Mastek said in a filing to the Bombay Stock Exchange.
"Together, we can move to provide solutions that solve entire business problems while giving carriers cost certainty with business models that let us share in the risk with our clients -- something they have been asking vendors to do for some time now," MajescoMastek President (North America) Mike Dufton said.
The companies will offer joint information technology and business process management solutions to large and mid-sized insurance carriers. By joining forces, MajescoMastek and Genpact will be able to manage intense cost pressure and will leverage process efficiencies and innovative technology in a cost-effective and cost-certain model, the filing added.
"Our partnership with MajescoMastek has been met with enthusiasm from our mutual customers and we believe it will be a true differentiator in the insurance marketplace," Genpact Ltd Senior Vice-President and Business Leader (Financial Services) Mohit Thukral said.
Shares of Mastek were trading at Rs 231.35 on the BSE, down 1.70 per cent from the previous close.
Posted By : Neha Chaturvedi
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