Business
Anna Sebastian Perayil’s death: EY Chairman Rajiv Memani says, ‘I truly regret…’
Amidst the raging debate on work stress and the sad death of EY staffer Anna Sebastian, EY India Chairman Rajiv Memani has expressed regret that nobody from the company attended Anna’s funeral. In a post on LinkedIn, Memani has said, “I truly regret the fact that we missed being present at Anna’s funeral. This is completely alien to our culture. It has never happened before; it will never happen again.”
Stating that he is ‘committed’ to a ‘harmonious workplace’, Memani said, “I would like to affirm that the well-being of our people is my top-most priority and I will personally champion this objective.I am absolutely committed to nurturing a harmonious workplace, and I will not rest until that objective is accomplished.”
In a tragic incident, Anna Sebastian Perayil, a recent hire at EY in Pune, reportedly lost her life due to excessive work pressure. Her mother, Anita Augustine, penned a lengthy letter to Rajiv Memani, expressing her concerns about the overwhelming workload placed on her daughter, a newcomer to the company. Augustine suggested that Anna ultimately succumbed to work-related stress. The letter has gone viral on social media, sparking an uproar.
Here is the full text of Rajiv Memani’s latest LinkedIn post dated September 19, 2024:
Many of you will be aware of the tragic demise of Anna Sebastian, a young woman who worked in our Pune office, and the anguished letter her mother, Ms Anita Augustine wrote to me.
I am deeply saddened and as a father, I can only imagine Ms Augustine’s grief. I have conveyed my deepest condolences to the family, although nothing can fill the void in their lives. I truly regret the fact that we missed being present at Anna’s funeral. This is completely alien to our culture. It has never happened before; it will never happen again.
Over the past few days, I am aware that people have in their social media posts commented on some of our work practices. It has always been very important to us to create a healthy workplace and we attach the highest importance to the well-being of our people.
I would like to affirm that the well-being of our people is my top-most priority and I will personally champion this objective. I am absolutely committed to nurturing a harmonious workplace, and I will not rest until that objective is accomplished.
Work Culture Issues
Many employees have taken to social media to share their own experiences of work-related stress in previous jobs, which led them to leave those positions. Some have pointed out that Anna’s death is the second such case in just six months, referring to the suicide of Saurabh Laddha, a 25-year-old employee at another prominent global consulting firm, reportedly due to excessive work pressure. As companies across India Inc. strive to do more with fewer resources, work pressures are perceived to be on the rise.
Also Read | EY staffer’s death puts focus on work stress
According to a TOI report, this issue is not limited to India, as significant parts of the US corporate world face similar challenges. In May, Leo Lukenas, a 35-year-old employee at Bank of America, passed away after suffering a blood clot. Media reports indicated that he had been attempting to leave his job due to the extreme hours he was working, sometimes exceeding 100 hours per week, which may have contributed to his health problems.
In response to these incidents, JPMorgan has reportedly begun limiting junior banker hours to 80 per week, marking a first for the company. Similarly, Bank of America, where hours are already capped at 80, is introducing an internal platform to closely monitor individual workloads, as reported by the Wall Street Journal.
Earlier this week, Rajiv Memani addressed EY’s employees in a message, acknowledging that he had received an anguished email from Anna Sebastian Perayil’s mother and had taken note of her message “with utmost seriousness and humility.”
Memani emphasized that the firm places the highest importance on the health and well-being of its people and pledged to recommit itself to providing a supportive, healthy, and balanced work environment for all.
“I would like to make this an ongoing dialogue with you to ensure we are continually building a healthy workplace for everyone. We have several well-being programmes and open channels of communication available in the firm to ensure that you always have a safe space to voice your concerns anonymously…,” he said.
Stating that he is ‘committed’ to a ‘harmonious workplace’, Memani said, “I would like to affirm that the well-being of our people is my top-most priority and I will personally champion this objective.I am absolutely committed to nurturing a harmonious workplace, and I will not rest until that objective is accomplished.”
In a tragic incident, Anna Sebastian Perayil, a recent hire at EY in Pune, reportedly lost her life due to excessive work pressure. Her mother, Anita Augustine, penned a lengthy letter to Rajiv Memani, expressing her concerns about the overwhelming workload placed on her daughter, a newcomer to the company. Augustine suggested that Anna ultimately succumbed to work-related stress. The letter has gone viral on social media, sparking an uproar.
Here is the full text of Rajiv Memani’s latest LinkedIn post dated September 19, 2024:
Many of you will be aware of the tragic demise of Anna Sebastian, a young woman who worked in our Pune office, and the anguished letter her mother, Ms Anita Augustine wrote to me.
I am deeply saddened and as a father, I can only imagine Ms Augustine’s grief. I have conveyed my deepest condolences to the family, although nothing can fill the void in their lives. I truly regret the fact that we missed being present at Anna’s funeral. This is completely alien to our culture. It has never happened before; it will never happen again.
Over the past few days, I am aware that people have in their social media posts commented on some of our work practices. It has always been very important to us to create a healthy workplace and we attach the highest importance to the well-being of our people.
I would like to affirm that the well-being of our people is my top-most priority and I will personally champion this objective. I am absolutely committed to nurturing a harmonious workplace, and I will not rest until that objective is accomplished.
Work Culture Issues
Many employees have taken to social media to share their own experiences of work-related stress in previous jobs, which led them to leave those positions. Some have pointed out that Anna’s death is the second such case in just six months, referring to the suicide of Saurabh Laddha, a 25-year-old employee at another prominent global consulting firm, reportedly due to excessive work pressure. As companies across India Inc. strive to do more with fewer resources, work pressures are perceived to be on the rise.
Also Read | EY staffer’s death puts focus on work stress
According to a TOI report, this issue is not limited to India, as significant parts of the US corporate world face similar challenges. In May, Leo Lukenas, a 35-year-old employee at Bank of America, passed away after suffering a blood clot. Media reports indicated that he had been attempting to leave his job due to the extreme hours he was working, sometimes exceeding 100 hours per week, which may have contributed to his health problems.
In response to these incidents, JPMorgan has reportedly begun limiting junior banker hours to 80 per week, marking a first for the company. Similarly, Bank of America, where hours are already capped at 80, is introducing an internal platform to closely monitor individual workloads, as reported by the Wall Street Journal.
Earlier this week, Rajiv Memani addressed EY’s employees in a message, acknowledging that he had received an anguished email from Anna Sebastian Perayil’s mother and had taken note of her message “with utmost seriousness and humility.”
Memani emphasized that the firm places the highest importance on the health and well-being of its people and pledged to recommit itself to providing a supportive, healthy, and balanced work environment for all.
“I would like to make this an ongoing dialogue with you to ensure we are continually building a healthy workplace for everyone. We have several well-being programmes and open channels of communication available in the firm to ensure that you always have a safe space to voice your concerns anonymously…,” he said.
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Wall Street surged to record highs after the Fed cut rates, with the S&P 500 climbing over 1.7% to set a new peak, surpassing its previous record from July. Meanwhile, the Dow Jones Industrial Average rose 1%, also reaching an all-time high, while the Nasdaq Composite jumped 2.7%, though it remains below its record set two months ago.
Heavyweight stocks that have driven this year’s market rally continued to rise, with Tesla surging over 7%, while Apple and Meta Platforms each gained nearly 4%.AI leader Nvidia also climbed 4%, contributing to a 4.3% increase in the PHLX semiconductor index.
The S&P 500 closed up 1.7% at 5,713.64 points, achieving a new record high, while the Nasdaq rose 2.51% to 18,013.98 points and the Dow Jones Industrial Average gained 1.26%, closing at 42,025.19 points.
Eight of the eleven S&P 500 sector indexes finished higher, with information technology leading the way at a 3.08% increase, followed closely by a 2.2% gain in consumer discretionary. Key contributors in the Dow included Apple, Caterpillar, Goldman Sachs, and Salesforce.
Positive jobless claims data further fueled global risk appetite, leading the small-cap Russell 2000 index to rise 2.1% as lower interest rates bolstered expectations for reduced operating costs and higher profits.
With falling rates typically seen as a boon for stocks, the market is optimistic that these easier financial conditions will spark further gains, building on the impressive 20% rise in the S&P 500 this year.
Heavyweight stocks that have driven this year’s market rally continued to rise, with Tesla surging over 7%, while Apple and Meta Platforms each gained nearly 4%.AI leader Nvidia also climbed 4%, contributing to a 4.3% increase in the PHLX semiconductor index.
The S&P 500 closed up 1.7% at 5,713.64 points, achieving a new record high, while the Nasdaq rose 2.51% to 18,013.98 points and the Dow Jones Industrial Average gained 1.26%, closing at 42,025.19 points.
Eight of the eleven S&P 500 sector indexes finished higher, with information technology leading the way at a 3.08% increase, followed closely by a 2.2% gain in consumer discretionary. Key contributors in the Dow included Apple, Caterpillar, Goldman Sachs, and Salesforce.
Positive jobless claims data further fueled global risk appetite, leading the small-cap Russell 2000 index to rise 2.1% as lower interest rates bolstered expectations for reduced operating costs and higher profits.
With falling rates typically seen as a boon for stocks, the market is optimistic that these easier financial conditions will spark further gains, building on the impressive 20% rise in the S&P 500 this year.
NEW DELHI: Indian refiners can leverage their combined consumption to seek better terms for next year’s annual contracts with suppliers, especially Russia, as a gloomy demand outlook subdues oil prices, a senior petroleum ministry official said on Thursday.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
“We have seen IEA (International Energy Agency) and all such agencies lowering demand outlook in recent times.But India has emerged as a major (demand) growth centre,” he said, alluding to the growing size of India’s consumption — pegged at about 5 million barrels/day — offers a substantial market for suppliers in a tepid market.
On joint negotiations by the refiners with Russia, the official said “talks” among them “are ongoing”. Indian refiners sign annual contracts with major suppliers for part of their requirement and meet the rest through spot purchase.
The focus on Russia stems from the fact that it has become India’s top oil supplier because of discounts offered in the wake of Western sanctions and a $60 per barrel price cap, imposed after Moscow’s 2022 invasion of Ukraine, curbed markets for the Russian barrels. State-run refiners mostly buy Russian oil through spot tenders.
A similar attempt by state-run refiners to secure better terms from the Middle-East suppliers about 15 years back had come a cropper.
But the official said a contract is more than the price, which follows benchmarks. “For example, one can seek discounts, longer payment credit period, destination flexibility (allowing diversion cargo to another port in India) and other terms,” he said.
Both OPEC, accounting for 40% of globally traded oil, and the IEA have in recent times pruned their 2024 demand growth forecast. In contrast, IEA’s oil market report on India has said the country will contribute a third of the global oil consumption growth through 2030 to overtake China.
For the first time in two years, benchmark Brent crude dropped below $70 per barrel last week as fear of oversupply grew amid poor show by the major economies, especially China, the world’s second-largest oil consumer. On Thursday, however, Brent rebounded to hover just below $75, buoyed by the US interest cut.
Applications for US unemployment benefits fell to the lowest level since May, indicating the job market remains healthy despite a slowdown in hiring.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
Initial claims decreased by 12,000 to 219,000 in the week ended September 14, according to Labor Department data released Thursday. That was below all estimates in a Bloomberg survey of economists. The period also corresponds with the so-called reference week when the survey is conducted for the September employment report.
Continuing claims, a proxy for the number of people receiving benefits, also dropped in the previous week, to the lowest in three months.
The four-week moving average, a metric that helps smooth out volatility in the data, fell to 227,500, the lowest since June.
What Bloomberg economics says…
“Initial jobless claims declined more than expected in the survey week for September’s employment report, due in part to difficulty adjusting the data around a major holiday like Labor Day. Claims tend to be depressed in holiday-shortened weeks, then rebound the following week — so the current data have limited value as a guide to September’s payroll print,” said Eliza Winger.
Claims for unemployment benefits have remained subdued in recent months even as labor demand cooled. The US central bank’s decision to lower interest rates by a half percentage point this week reflected policymakers’ intention to maintain what Federal Reserve Chair Jerome Powell described as “still a solid” labor market.
“We’re trying to achieve a situation where we restore price stability without the kind of painful increase in unemployment that has come sometimes with disinflation,” Powell said during a press conference Wednesday following the rate-cut announcement.
Initial claims, before adjustment for seasonal factors, rose by 6,436 to 184,845. Texas, New York and California saw the largest increases. Applications in Massachusetts fell by the most since the end of April.
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