Monday December 18, 2017
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Dan Price, CEO of Gravity Payments, cuts his salary by 90% to increase wages of his team

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By NewsGram Staff Writer

Can you ever think of a CEO who reduced his own salary so that his team earns more? Mr. Price is the one who broke the stereotype and cut his salary by 90% to increase the salary of the whole team.

Dan Price, CEO of Gravity Payments gathered the team of 120 employees to tell the news that he is doubling the salary of some employees and by December 2017 the whole team’s salary will be doubled.

The average salary of an employee was $48000 but now after this decision 70 of them will be getting $70000 and in order to avoid bankruptcy, those who earn less than $70000 will be getting $5000 increment every year or a minimum of $50000, whichever is suitable.

To implement this, the salary of CEO will be reduced to $1 million a year to the same minimum like everyone else, until the company’s profits recoup.

Mr Price told an English newspaper that he settled on the figure of $70,000 for all after reading a study published by the University of Princeton, which found that increase in income above that number did not have a significant positive impact on a person’s happiness.

According to The Independent, Mr Price said he “hadn’t even thought about” how he was going to adjust to earning 90 per cent less, adding: “I may have to scale back a little bit, but nothing I’m not willing to do – I’m single, I just have a dog.

“I’m a big believer in less,” he added. “The more you have, sometimes the more complicated your life gets.”

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Google India-born CEO Sundar Pichai receives stock award of $199 million in 2016, almost double his 2015 stock award of $99 million

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Sundar Pichai, Wikimedia

New York, April 29, 2017: Google’s India-born CEO Sundar Pichai received a stock award of $198.7 million in 2016, almost double his 2015 stock award of $99.8 million, a media report said.

That brought his total compensation in 2016 to $199.7 million, almost twice the $100.6 million he earned in 2015.

Pichai received a salary of $650,000 in 2016, slightly less than the $652,500 he earned in 2015, CNBC reported on Friday.

NewsGram brings to you current foreign news from all over the world.

Pichai’s massive pay package came even as his two bosses and Google co-founders Larry Page and Sergey Brin, once again drew salaries of only one dollar for their roles as CEO and President, respectively, of parent company Alphabet.

But Page and Brin are each worth more than $40 billion through their stock holdings.

According to the report, Pichai’s raise came during a year when Google’s sales rose 22.5 per cent and net income rose 19 per cent as it maintained its position as the top seller of internet advertising. (IANS)

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Brain Drain: India needs to Empower its Educational Institutions

With a a pay scale ranging between 5000 and 15,000, it is not surprising that the teaching profession is no longer attracting the best talent.

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Indian school children in Mizoram Image Source: Wikipedia Commons
  • Each year, at least 125,000 students go out leading to an outflow of ₹200,000 crore annually
  • While those in the big private schools are well paid, the teachers in most of the private schools get a pay scale ranging between 5000 and 15,000
  • The only way to control the spiraling cost of education is to create good state supply at a cheaper cost

Many well-to-do families send their kids abroad for higher education as they feel Indian educational institutions lack infrastructure and scope for better education. These children go abroad and spend almost Rs 1.5 crore for an undergraduate course. According to a survey, each year, at least 125,000 students go out leading to an outflow of ₹200,000 crore annually and with each passing year numbers are rising.

As a result, the best of Indian minds do get access to the good educational facilities in India and as they result, either they struggle to make their way to a foreign university or their lives are doomed due to lack of financial support. When looked at on a broader prospect, this has resulted in brain drain, in true sense of the term.

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Except for Supreme court that is working to bring a transparent system, Government officials are not showing active involvement to counter the drawbacks of India’s education system. The trend of accepting ‘donations’ by Government Institutions is so rampant, they it fails to focus on the quality education. ‘Bribe’ in the form of ‘donation’ are forced on the students, once they make their way to these institutes.

According to the 2014 educational statistics report from the Ministry of Human Resource, the number of schools in the country at 14,25,564. The pupil to teacher ratio at the primary level is 28 while at the senior secondary level is 40. And 43% of school teachers in India are now working under privately managed schools. That’s about 4.2 million teachers, of which 3.1 million teach in elementary schools.

The government school teachers get pay scales ranging between Rs 20,000 to Rs 40,000 per month depending on their level of qualification and experience and get additional hikes and pension plans after each government re-election, while most of the private school teachers suffer due to underpay.

Apart from few Big private schools that pay their teachers well, most of the teachers in private schools get a mere payscale ranging between 5000 and 15,000. Hence, it is not surprising that the teaching profession is no longer attracting the best talent. Here, what India needs to know is that there is a difference between buying teachers and bringing good teachers to a institution.

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People have the notion that teaching is a “noble-profession” and education being “non- profit”. This has cost us dearly with the loss of beautiful minds and will continue to hurt us in our global ambitions. The government must empower institutions and let them compete in the market. The good ones will survive and the bad ones will die, and that is a good result.

There are not more than 20,000 students travelling to India to study here. Most of these students are from South Asia and Africa, driven primarily by grants based on agreements between the two governments.

Main Building of IIT Kharagpur Image Source: Wikipedia Commons

“The IITs have been funded, subsidized, given land and buildings and still charge almost ₹8 lakh for four years, much more than the fees fixed by the empowered fees fixation committee (at times it is as low as ₹32,000 per year). The IIMs, fully funded, subsidized with zero cost of infrastructure and capital creation charge upwards of ₹15 lakh, while states impose a fees cap of around ₹2 lakh for an MBA. The real cost per student for an IIM is upwards of ₹1 crore. Ever wonder why education is so bad? The only way to control the spiraling cost of education is to create good state supply at a cheaper cost. They should act as a correcting force and a deterrent through market forces.”, says Mahesh Peri of the Huffington Post.

-This article is compiled by a staff-writer at NewsGram.

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4 responses to “Brain Drain: India needs to Empower its Educational Institutions”

  1. India should level up on the standard of educational institutions and provide better facilities to keep India’s youth within the country. Quality education in one’s motherland, who would say no to that?

  2. This is true. If we want to strengthen our education system, we need to make some changes in it otherwise it will be quite impossible to urge the students to study in India.

  3. Brain drain is as much a statistical issue as it is psychological. Teaching is looked down here as a profession not of first choice but last. This leads to uninterested individuals taking the blackboard and spoiling the subject for students by teaching in a non passionate and uninteresting fashion. Its also the reason of such small number of students pursuing research in India.

  4. Empowering the educational institutes is one of the best ways to empower the children because schools are like the 2nd homes for kids. There should be ways to bring about changes

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Abnormal Rise in Average Fertility Rate in Indian Women

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Infants. Image Source: www.nato.int

As many as 19 million women in India have given birth to seven or more children, and 15 million (80 percent) of them live in rural areas, according to an IndiaSpend analysis of recently released census. According to the recorded data, there has been an abrupt increase in the average fertility rate of Indian women.

  • This is equivalent to Niger’s population, a country in Africa with a fertility rate of 6.76. The countries with the highest fertility rates in the world are mostly situated in Africa.
  • There were fewer such women with higher levels of education, the data further reveal -15 million of those women were illiterate as against 0.09 million who were graduates and above.
A human fetal face. Wikimedia Commons
A human fetal face. Wikimedia Commons
  • Educated women have fewer births, average births per woman declined since 2001.
  • The average births per woman in India is 3.3, a decline of 13 percent from 3.8 in 2001, based on the total births given by women in the 45-49 years age group (which marks the end of their child-bearing age), according to the World Health Organization.
  • The Central Intelligence Agency (CIA) estimates India’s average fertility per woman at 2.48 which is the highest among BRICS nations and just better than Pakistan in the sub-continent.

Related article: India’s population to overtake China’s by 2022

  • Nepal, Bhutan, Sri Lanka and Bangladesh have lower fertility rates.
  • Though the CIA data differs from the census, trends indicate that Indian women have higher fertility rates than sub-continental countries and other similar economies.
  • The average births decline with increase in education levels, according to census data. The average births for women who are graduates and above is 1.9, against 3.8 for women who are illiterate.
  • The spread of female education is a likely cause for falling fertility among women, according to this report by The Economist. Female literacy in India increased from 53.7 percent in 2001 to 64.6 percent in 2011, according to census data.
  • As many as 1,423 females in rural areas have never attended any educational institution for every 1,000 males who have not done so, and only 577 females attend college for every 1,000 males in rural areas, IndiaSpend reported earlier.
  • 320,000 girls below age 15 have already reported two births.
  • As many as 0.32 million girls who are married and aged less than 15 years have given birth to two children-an increase of 88 percent since 2001, when the figure was 0.17 million.
  • Further, 0.28 million married girls in the age group of 15-19 years have already given birth to four children, which is an increase of 65% from 0.17 million in 2001.
  • Adolescent pregnancy can lead to several health problems – anaemia, malaria, HIV and other sexually transmitted infections, postpartum haemorrhage and mental disorders -according to the World Health Organization.
  • Nearly 12.7 million girls in India aged between 10-19 years are married and six million children were born to them, IndiaSpend reported earlier.  (IANS)