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            [post_title] => The Multigenerational Edge: Shaping Tomorrow's Workplace
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            [post_content] => News -  People Matters
Budget 2024: 7 Income Tax Benefits you could expect from Finance Minister
Budget 2024: Income taxpayers are hoping for some relief from Finance Minister Nirmala Sitharaman
													
Income tax benefits from Budget 2024: As the date of July 23rd draws near, expectations for Budget 2024 are reaching a fever pitch, centered around Finance Minister Nirmala Sitharaman's upcoming presentation. Expectations include a potential hike in standard deduction, relief in income tax rates, and an increase in Section 80C exemptions from Finance Minister Nirmala Sitharaman. Tax experts anticipate adjustments to income tax slab rates, which have seen limited revisions for some time. They suggest that the Finance Minister might announce tax reductions in the Modi 3.0 government's first budget.
Livemint spoke to income tax experts to gauge taxpayer and expert expectations ahead of Budget 2024.

Standard deduction
The standard deduction was first introduced at ₹40,000 in the 2018 budget and subsequently raised to ₹50,000 in the 2019 budget. The deduction amount has not changed since then.
"The current deduction of ₹50,000 could moderately increase to ₹60,000 or possibly ₹70,000, which salaried employees would welcome as it lowers their taxable income," said Ashish Aggarwal, Director at Acube Ventures.

Section 80C exemption
Salaried persons can use Section 80C exemptions to reduce their taxable income by ₹1.5 lakh in a fiscal year.
Archit Gupta, Founder and CEO of ClearTax, emphasised revising the Section 80C limit, which has remained unchanged since 2014 despite escalating inflation rates. Such a revision, he noted, would aid taxpayers in managing inflation and encourage savings and investments in essential financial instruments such as ELSS, tax saver FDs, and PPF. This aligns with the broader goal of fostering a financially resilient and prosperous India.

Increase income tax exemption limit
Various media reports indicated that the Centre plans to increase the income threshold before imposing any tax from ₹3 lakh to ₹5 lakh in the upcoming budget. This adjustment will specifically affect taxpayers filing under the new tax regime.
"If the hike in income tax exemption to ₹5 lakh is implemented, it would mean that individuals with an annual income of up to ₹8.5 lakh could potentially pay no income tax. This calculation considers the standard deduction and the rebate under section 87A, assuming it remains unchanged," said - Gaurav Gunjan, Partner at Gupta Sachdeva & Co., Chartered Accountants.
“We have high expectations for significant tax reforms in Budget 2024. Anticipated changes include revised income tax slabs to increase disposable income and stimulate consumer spending by raising the basic exemption limit and adjusting thresholds for higher tax rates," said Kuljeet Singh, Director of finance and Accounts, Gi Group Holding India. 

NPS
Personal finance experts are increasingly calling for significant changes to the National Pension System (NPS), such as raising the additional income tax deduction limit under Sec 80CCD 1B. There is also a push to increase the tax-free withdrawal limit upon maturity, bringing it in line with other retirement savings schemes like EPF.
Abhishekh Soni, CEO and Co-founder of Tax2win, supports enhanced tax benefits, advocating for potential increases in contribution limits and improved withdrawal flexibility within the NPS framework.
Tax rate reductions
"Despite the changes introduced in Budget 2023 to incentivize taxpayers to switch to the new tax regime, the adoption rate has not met expectations," remarked Divya Baweja, Partner at Deloitte India.
Baweja further suggested, "The government is anticipated to consider lowering the top tax rate from 30% to 25% within the new tax regime."
Additionally, she noted, "There is also speculation that the government might raise the threshold for the highest tax rate from ₹10 lakh to ₹20 lakh under the old tax regime."
As per Gaurav Gunjan, revised tax slabs under thenew regime (assumed):
• The exemption limit is ₹5 lakh.
• Taxable income between ₹5 lakh to ₹6 lakh is taxed at 5%.
• Taxable income between ₹6 lakh to ₹9 lakh is taxed at 10%.
• Taxable income between ₹9 lakh to ₹12 lakh is taxed at 15%.
• Taxable income between ₹12 lakh to ₹15 lakh is taxed at 20%.
• Taxable income above ₹15 lakh is taxed at 30%”

House Rent Allowance (HRA)
Abhishek Jain, a partner at Kailash Chand Jain & Co., highlighted the need for increased House Rent Allowance (HRA) exemptions to mitigate the impact of escalating rental expenses, especially in urban areas. This adjustment would lower taxable income and enhance affordability for individuals residing in rented properties.

Increase in the deduction limit for medical insurance premiums
Due to rising healthcare costs, there's an expectation for an increase in the deduction limit for medical insurance premiums under section 80D of the Income Tax Act of 1961. Archit Gupta suggested that the current limits of ₹25,000 for individuals and ₹50,000 for senior citizens may be raised in the upcoming budget to ₹50,000 for individuals and ₹75,000 for senior citizens. Extending these benefits to the new tax regime would promote equal healthcare access and encourage greater adoption of health insurance.

Budget 2024: Finance Minister Sitharaman to present seventh budget in a row on July 23
The Union Budget for 2024-25 will be presented in Parliament on July 23. This will be Finance Minister Nirmala Sitharaman's seventh consecutive budget.

About Gi Group Holding
Headquartered in Milan, and with over 6000 employees, Gi Group Holding is active in more than 100 countries, thanks to its direct presence and strategic partnerships. Through its key brands, the company provides a full and comprehensive suite of recruitment and HR solutions to more than 20,000 companies worldwide, generating revenues of €3.2 billion*, and making it both the 5th largest recruitment and HR Services company in Europe, and the 16th largest worldwide. 

Gi Group Holding is uniquely committed to the creation of social and economic value for both employers and candidates alike. Called “More than Work”, the Group’s aims are two-fold: firstly, to ensure that employees experience enjoyable and life-changing work environments; and secondly, to enable a sustainable, streamlined, and harmonious labour market for employers and employees alike—one that reflects the ever-changing needs of candidates and companies. gigroupholding.com.  
            [post_title] => Budget 2024: 7 Income Tax Benefits you could expect from Finance Minister
            [post_excerpt] => Gi Group, one of the world’s largest HR solutions and staffing companies, is celebrating after being crowned “Recruitment Team of the Year” at the prestigious REC Awards 2022.
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            [post_content] => News -  People Matters

Can Budget 2024 Fuel India's Growth Engines?

The  Union Budget 2024 has been recognised for its strategic focus on women, youth and job creation, crucial for equipping the future workforce with the skills needed to thrive. Programmes for employment, internships, and skills development could be a game-changer in tackling the challenge of job creation for the nation's massive youth population.
													
The budget acknowledges the critical role of small and medium-sized enterprises (SMEs), the backbone of India's economy. Easier access to credit for SMEs, which contribute over 29% to GDP, is expected to fuel further job creation nationwide. 
However, it is essential to monitor how these initiatives might impact the informal sector, which has faced significant challenges in recent years due to demonetisation and pandemic lockdowns.
Industry leaders offer mixed reactions. Arundhati Bhattacharya, Chairperson & CEO of Salesforce India, sees promise in the budget, highlighting its focus on "women, youth and job creation, along with skilling and women's workforce participation" as a potential driver of future economic growth.
Puneet Chandok, President of Microsoft India and South Asia, lauds the Union Budget 2024 and Economic Survey for prioritising technological innovation and digitisation to establish India as an "AI-first nation."
Prabhakar Azad of Ashwin Sheth Group and Srinivasa Addepalli of GlobalGyan Leadership Academy praised the investment in human capital. Azad highlighted the focus on skill development, while Addepalli welcomed corporate internships for bridging academia and industry. Sekhar Garisa, CEO of foundit, remarked, "We are encouraged by the strong emphasis on productivity and job creation."
Somdutta Singh, Founder & CEO of Assiduus, sees the budget as a catalyst for MSME-driven growth. Pallavi Jha, Chairperson & MD of Dale Carnegie India, fears the ₹1.48 lakh crore may fall short of addressing regional disparities and job market needs.
Sachin Alug, CEO of NLB Services, sees the focus on youth, women, MSMEs, and tourism as beneficial for long-term economic stability, echoing Singh's view on entrepreneurial growth. Arun Balasubramanian, VP & MD at UiPath, highlights skill development and employment-linked incentives as key to addressing workforce skill gaps.
Hardika Shah, Founder & CEO of Kinara Capital, commends the budget’s advances in women’s economic empowerment, particularly the abolition of the Angel Tax, which could enhance investment in women-led startups.
Bridging the skills chasm
The government is investing ₹2 lakh crore over five years to bridge the skills gap. Shantanu Rooj, CEO of TeamLease Edtech, highlights the budget's three-pronged approach: wage subsidies, onboarding support, and linking new hires to the EPFO system.
Sonal Arora, Country Manager at GI Group Holding, describes the nationwide internship programme as pivotal: "It will equip individuals with practical skills, boost economic growth, and create a strong talent pipeline for future hiring needs."
Rooj highlights that “upgrading 1000 ITIs will help students secure their first jobs faster.” However, he advocates for broader implementation: “This initiative should extend to all ITIs across the country, not just the selected 1000, as it requires no significant additional investment.”
MSMEs and startups
The Credit Guarantee Scheme, offering collateral-free guarantees of up to ₹100 crore, is praised for easing growth for manufacturing sector MSMEs. Karthik Kondepudi,  Partner at Herbochem states it will "significantly ease growth for MSMEs."
The budget's proposal to assess MSME creditworthiness through digital footprints could broaden credit access for many businesses.
For startups, the abolition of the Angel Tax is a significant boost. V Ramankumar, Founder & Chairman CASHe, describes it as "a crucial relief that will attract investments and drive innovation."
The Internet and Mobile Association of India (IAMAI) also welcomed the change, noting, "The abolition of the Angel Tax has been a longstanding demand and will undoubtedly enhance investments and innovation in India’s startups."
The road ahead
The Union Budget 2024 has sparked a mix of optimism and caution. While initiatives like skilling programmes, internship opportunities, and MSME support hold promise for fueling India's growth engines, challenges remain.
Industry leaders have pointed out areas for improvement. Expanding the reach of programmes like wage subsidies to encompass beyond the top 500 companies could significantly improve their impact.  Addressing long-standing structural issues like factor productivity and land reforms is crucial, as Dr. Rumki Majumdar, Economist, Deloitte India rightly emphasises.
Ultimately, success will hinge on its implementation. Ensuring effective rollout and monitoring progress will be essential. As Smita Shetty Kapoor, CEO and co-founder of Kelp highlights, developing a truly skilled and industry-ready workforce requires sustained commitment.
The coming years will be a test. The true impact of these measures on job creation, economic growth, and India's global standing will become clearer. While challenges exist, Budget 2024's focus on human capital and entrepreneurship offers a roadmap for potential future growth.
 
About Gi Group Holding
Headquartered in Milan, and with over 6000 employees, Gi Group Holding is active in more than 100 countries, thanks to its direct presence and strategic partnerships. Through its key brands, the company provides a full and comprehensive suite of recruitment and HR solutions to more than 20,000 companies worldwide, generating revenues of €3.2 billion*, and making it both the 5th largest recruitment and HR Services company in Europe, and the 16th largest worldwide. 

Gi Group Holding is uniquely committed to the creation of social and economic value for both employers and candidates alike. Called “More than Work”, the Group’s aims are two-fold: firstly, to ensure that employees experience enjoyable and life-changing work environments; and secondly, to enable a sustainable, streamlined, and harmonious labour market for employers and employees alike—one that reflects the ever-changing needs of candidates and companies. gigroupholding.com.  
            [post_title] => Can Budget 2024 Fuel India's Growth Engines?
            [post_excerpt] => Gi Group, one of the world’s largest HR solutions and staffing companies, is celebrating after being crowned “Recruitment Team of the Year” at the prestigious REC Awards 2022.
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            [post_content] => News -  Gi Group Holding Featured in Peoplematters
Gi Group Holding India's Country Manager on Navigating 2024's Evolving Market Demands
Talent will continue to be the critical aspect of organisational success. These are the areas where companies need to demonstrate strategic agility in 2024 and beyond.
In an exclusive interview with Sonal Arora, Country Manager at GI Group Holding India, People Matters delves deep into the dynamic landscape of talent acquisition and HR strategies set to shape 2024. From the evolving expectations of a younger workforce to the profound impact of emerging technologies, Sonal provides insights into the key challenges and forward-thinking strategies that will define the future of work.

What according to you will reshape and dominate the talent acquisition and landscape in 2024?
The talent landscape has undergone significant and continuous transformation in recent years, and this dynamism is expected to persist into 2024 and beyond. The emergence of new technologies such as Artificial Intelligence, Machine Learning, Blockchain, and Robotics Process Automation, and new industries like Electric Vehicles, Renewables, and Fintech to name just a few, have resulted in a shortage of talent in specific skills and job categories. The demand for these skills surpasses their availability, posing a challenge for recruiting top-notch talent in various skills and industries.
Conversely, with a progressively younger workforce, there is a noticeable shift in the expectations and priorities of talent. Present-day employees not only seek financial rewards and career growth but also value aspects like work-life balance, flexibility, a supportive work environment, and opportunities for continuous learning. Employers therefore must incorporate these elements into their Employee Value Proposition.
Looking ahead to 2024, companies will need to demonstrate strategic agility as they confront evolving market demands, and these demographic and cultural shifts. Since good talent is a critical success factor for any organisation, navigating these challenges is not just a choice but a strategic necessity for businesses aiming to secure a competitive edge in their respective industries.

What emerging trends in HR do you anticipate having a significant impact on your organisation in the coming year?
Apart from dealing with challenges in talent acquisition, organisations will also face critical HR    challenges related to fostering learning agility and enhancing employee resilience. The influence of continuous technological advancements, macroeconomic shifts, and geopolitical factors is causing the shelf life of both products and skills within business organisations to shorten. Consequently, there is an ongoing necessity to consistently train, retrain, and orient employees to align with the evolving business needs. The persistent and seemingly never-ending changes not only affect the skills but also impact the mental well-being of employees who must continuously keep adapting to yet another “new normal”. Therefore, organisations must prioritise the well-being, resilience, and agility of their workforce. In our organisation, “Care” for employees and “Continuous Learning” are integral to our people management framework and we will continue to prioritise these aspects.

As a talent leader, what are the key talent acquisition goals and strategies you have for the upcoming year?
In a landscape where technology and processes can be easily replicated, talent stands out as a crucial and unique driver of competitive advantage. Enhancing employer branding and fostering a positive workplace culture play pivotal roles in drawing in high-caliber talent. At Gi Group Holding, our consistent approach has been to create a conducive environment through our employee-friendly processes and policies. We will also continue to focus on providing opportunities for growth and learning, thus empowering talent to excel and thrive.
The emphasis will also be on ensuring retention, with initiatives focused on professional development and well-being. In essence, my strategy revolves around agility, innovation, and a people-centric approach to guarantee enduring organisational growth.
In an exclusive interview with Sonal Arora, Country Manager at GI Group Holding India, People Matters delves deep into the dynamic landscape of talent acquisition and HR strategies set to shape 2024. From the evolving expectations of a younger workforce to the profound impact of emerging technologies, Sonal provides insights into the key challenges and forward-thinking strategies that will define the future of work.

What according to you will reshape and dominate the talent acquisition and landscape in 2024?
The talent landscape has undergone significant and continuous transformation in recent years, and this dynamism is expected to persist into 2024 and beyond. The emergence of new technologies such as Artificial Intelligence, Machine Learning, Blockchain, and Robotics Process Automation, and new industries like Electric Vehicles, Renewables, and Fintech to name just a few, have resulted in a shortage of talent in specific skills and job categories. The demand for these skills surpasses their availability, posing a challenge for recruiting top-notch talent in various skills and industries.
Also Read: India's job market poised for growth in 2024, manufacturing and BFSI to hire more
Conversely, with a progressively younger workforce, there is a noticeable shift in the expectations and priorities of talent. Present-day employees not only seek financial rewards and career growth but also value aspects like work-life balance, flexibility, a supportive work environment, and opportunities for continuous learning. Employers therefore must incorporate these elements into their Employee Value Proposition.
Looking ahead to 2024, companies will need to demonstrate strategic agility as they confront evolving market demands, and these demographic and cultural shifts. Since good talent is a critical success factor for any organisation, navigating these challenges is not just a choice but a strategic necessity for businesses aiming to secure a competitive edge in their respective industries.

What emerging trends in HR do you anticipate having a significant impact on your organisation in the coming year?
Apart from dealing with challenges in talent acquisition, organisations will also face critical HR    challenges related to fostering learning agility and enhancing employee resilience. The influence of continuous technological advancements, macroeconomic shifts, and geopolitical factors is causing the shelf life of both products and skills within business organisations to shorten. Consequently, there is an ongoing necessity to consistently train, retrain, and orient employees to align with the evolving business needs. The persistent and seemingly never-ending changes not only affect the skills but also impact the mental well-being of employees who must continuously keep adapting to yet another “new normal”. Therefore, organisations must prioritise the well-being, resilience, and agility of their workforce. In our organisation, “Care” for employees and “Continuous Learning” are integral to our people management framework and we will continue to prioritise these aspects.

As a talent leader, what are the key talent acquisition goals and strategies you have for the upcoming year?
In a landscape where technology and processes can be easily replicated, talent stands out as a crucial and unique driver of competitive advantage. Enhancing employer branding and fostering a positive workplace culture play pivotal roles in drawing in high-caliber talent. At Gi Group Holding, our consistent approach has been to create a conducive environment through our employee-friendly processes and policies. We will also continue to focus on providing opportunities for growth and learning, thus empowering talent to excel and thrive.
The emphasis will also be on ensuring retention, with initiatives focused on professional development and well-being. In essence, my strategy revolves around agility, innovation, and a people-centric approach to guarantee enduring organisational growth.

Are there specific skill sets or competencies the organisation is prioritising in new hires?
In addition to the specific technical and functional skills essential for each role, we give significant importance to qualities such as collaboration, adaptability, learnability, and a growth-oriented mindset. In an ever-changing business landscape, organisations must be agile and resilient, necessitating a commitment from individuals within the organisation to teamwork, continuous learning, and improvement.
Hence, we aim to onboard well-rounded and diverse talent that contribute to our long-term success by emphasising a combination of functional/technical and behavioral skills.            

Do you think remote work has settled into a sustainable model or will more changes be coming next year?
Post-Covid, remote and hybrid work arrangements have gained more acceptance than ever. However, the landscape may undergo further changes in the upcoming year as organisations experiment with finding the ideal working model tailored to their specific needs. Although certain sectors are exploring a return to working from the office, I think this is a temporary phase. Most organisations are likely to ultimately adopt some form of hybrid working unless it is fundamentally misaligned with their business model, as seen in sectors such as Hospitality or Retail.
With that said, there will be a greater focus on employee productivity, performance outcomes, and collaboration. Establishing effective review mechanisms, providing ongoing feedback, and fostering a culture of accountability are crucial elements for ensuring the success of a hybrid model. Organisations that can institutionalise these aspects will be better positioned to embrace the hybrid model in the long run.

How do you envision the impact of emerging technologies, such as artificial intelligence and automation, on the future of work?
Though it is early days, the impact of emerging technologies like artificial intelligence (AI) and automation on the future will be far-reaching. Companies that strategically adopt these technologies are likely to experience greater efficiency and innovation. Routine tasks will increasingly be automated, allowing humans to focus on higher-order thinking, creativity, and complex problem-solving. Many of the low-skilled jobs will become redundant. Though no doubt new roles will emerge, at the same time there will be some amount of temporary job displacement as people learn to adapt to a shift in skills.

It will require a sustained focus on the part of the concerned individuals, companies, and governments to upskill and train the displaced employees in the skills that these new kinds of jobs will require.  Constantly improving skills through ongoing learning will be essential, promoting a culture of lifelong learning.In addition to the specific technical and functional skills essential for each role, we give significant importance to qualities such as collaboration, adaptability, learnability, and a growth-oriented mindset. In an ever-changing business landscape, organisations must be agile and resilient, necessitating a commitment from individuals within the organisation to teamwork, continuous learning, and improvement.
Hence, we aim to onboard well-rounded and diverse talent that contribute to our long-term success by emphasising a combination of functional/technical and behavioral skills.            

Do you think remote work has settled into a sustainable model or will more changes be coming next year?
Post-Covid, remote and hybrid work arrangements have gained more acceptance than ever. However, the landscape may undergo further changes in the upcoming year as organisations experiment with finding the ideal working model tailored to their specific needs. Although certain sectors are exploring a return to working from the office, I think this is a temporary phase. Most organisations are likely to ultimately adopt some form of hybrid working unless it is fundamentally misaligned with their business model, as seen in sectors such as Hospitality or Retail.
With that said, there will be a greater focus on employee productivity, performance outcomes, and collaboration. Establishing effective review mechanisms, providing ongoing feedback, and fostering a culture of accountability are crucial elements for ensuring the success of a hybrid model. Organisations that can institutionalise these aspects will be better positioned to embrace the hybrid model in the long run.

How do you envision the impact of emerging technologies, such as artificial intelligence and automation, on the future of work?
Though it is early days, the impact of emerging technologies like artificial intelligence (AI) and automation on the future will be far-reaching. Companies that strategically adopt these technologies are likely to experience greater efficiency and innovation. Routine tasks will increasingly be automated, allowing humans to focus on higher-order thinking, creativity, and complex problem-solving. Many of the low-skilled jobs will become redundant. Though no doubt new roles will emerge, at the same time there will be some amount of temporary job displacement as people learn to adapt to a shift in skills.
It will require a sustained focus on the part of the concerned individuals, companies, and governments to upskill and train the displaced employees in the skills that these new kinds of jobs will require.  Constantly improving skills through ongoing learning will be essential, promoting a culture of lifelong learning.

About Gi Group Holding
Headquartered in Milan, and with over 6000 employees, Gi Group Holding is active in more than 100 countries, thanks to its direct presence and strategic partnerships. Through its key brands, the company provides a full and comprehensive suite of recruitment and HR solutions to more than 20,000 companies worldwide, generating revenues of €3.2 billion*, and making it both the 5th largest recruitment and HR Services company in Europe, and the 16th largest worldwide. 

Gi Group Holding is uniquely committed to the creation of social and economic value for both employers and candidates alike. Called “More than Work”, the Group’s aims are two-fold: firstly, to ensure that employees experience enjoyable and life-changing work environments; and secondly, to enable a sustainable, streamlined, and harmonious labour market for employers and employees alike—one that reflects the ever-changing needs of candidates and companies. gigroupholding.com.  
            [post_title] => Myth Debunking 101- Stability is better than risk for mid-career professionals
            [post_excerpt] => Gi Group, one of the world’s largest HR solutions and staffing companies, is celebrating after being crowned “Recruitment Team of the Year” at the prestigious REC Awards 2022.
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