http://www.businesstimes.com.sg/companies-markets/workers-rights-gaining-ground
Workers' rights gaining ground
Monday, March 6, 2017 - 05:50
by Siow Li Sen
[email protected]
AT A results briefing last month, DBS Bank chief executive Piyush Gupta startled the roomful of reporters when
he raised his voice to say "Don't say we cut!" to a question on the group's staffing level, which had fallen by about 300 from the previous year. Mr Gupta, who normally speaks fast, explained in some detail that the staff who left did so on their own accord, and were not "cut".
http://www.theindependent.sg/piyush-gupta-of-dbs-bank-moves-1500-local-jobs-to-hyderabad/
DBS Bank plans to add 1500 jobs in Hyderabad as part of its digital strategy
May 19, 2016
One thousand five hundred jobs will be farmed out to DBS’s technology hub in Hyderabad over the next two years said Piyush Gupta in a press statement earlier this week.
“The new facility will be our largest tech hub outside our home market of Singapore. India was a choice market for this investment given its enabling ecosystem for technology innovation and access to a wide global talent pool,” DBS Group Chief Executive Piyush Gupta said.
DBS Bank has created a wholly-owned subsidiary in India, DBS Asia Hub 2, for this purpose and according to a filing with the Stock Exchange of India, the initial paid-up capital stands at Rs. 70.5cr (SGD 15M).
There are growing concerns that this move will trigger a trend towards outsourcing of our jobs to countries with lower costs structures in the name of efficiency.
“This is going against the grain,” said a local business owner who has been providing technical talent to DBS. “I thought the government was supporting local PMETs. But this move suggests that the government is not sincere about the promises it makes to the local businesses. Maximizing profits is the order of the day!” said Mr Rao.
The announcement was rather muted in the local media in Singapore, which is another cause for concern, said Mr. Rao.