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IOB partners with Tamil Nadu government for exclusive employee salary package
- Indian Overseas Bank (IOB) has partnered with the Tamil Nadu government to offer a tailored salary package for state government employees.
- The partnership includes features like Personal Accident Insurance cover, Group Term Life Insurance cover, zero minimum balance requirements, and free ATM card issuance.
- Employees under the Tamil Nadu State Government Salary Package (SGSP) can enjoy benefits such as unlimited transactions across all ATMs, concessions on processing fees, and lower interest rates for retail loans.
- This agreement highlights the trend of customised banking products for salaried segments and aims to provide convenience and financial protection to Tamil Nadu government workers.
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Xpheno appoints Khyati Mehta as HR head
- Xpheno, a specialist staffing firm, appoints Khyati Mehta as its new chief human resource officer (CHRO).
- Mehta brings 15 years of HR experience and a track record of driving employee engagement and retention strategies.
- Her role at Xpheno will focus on transforming recruiters into specialists and boosting internal capabilities.
- The appointment of Mehta reflects Xpheno's commitment to employee development as it gears up for major expansion and supporting new Greenfield Global Capability Centres in India.
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Forbes
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Money Market Interest Rates Today: May 23, 2025 – Earn Up To 4.89%
- The average money market rate today is 0.53%, with the highest rate being 4.89% from Curinos.
- A money market account is an interest-bearing deposit account that can be opened at a bank or credit union, insured up to $250,000 by the FDIC at banks or the NCUA at credit unions.
- Money market accounts offer higher interest rates than typical savings accounts but may have higher minimum deposit and balance requirements.
- To open a money market account, compare rates, ensure you can meet minimum requirements, consider fees and features, then submit an application with personal information and make the required initial deposit.
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Forbes
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Current Mortgage Refinance Rates: May 23, 2025 – Rates Advance Higher
- The average rate for a 30-year fixed refinance rose to 7.06% today, with the 15-year fixed-rate refinance mortgage averaging 6.03% and the 20-year mortgage refinance rate at 6.93%.
- For a 30-year fixed-rate mortgage refinance, the APR is 7.09%, indicating the all-in cost of the home loan, with borrowers paying around $670 per month for principal and interest on a $100,000 loan.
- On the 20-year fixed refinance mortgage, the APR is 6.97%, costing borrowers around $771 per month on a $100,000 loan, totaling approximately $85,625 in interest over the loan term.
- 15-year fixed mortgage refinance rates are averaging around 6.03%, with an APR of 6.07%, resulting in monthly payments of $845 on a $100,000 loan and total interest of roughly $52,586 over 15 years.
- The interest rate on a 30-year fixed-rate jumbo mortgage refinance is currently at 7.61%, with borrowers paying $706 per month on a $100,000 loan, while the 15-year fixed-rate jumbo refinance stands at 6.41%.
- Mortgage lenders charge slightly higher rates for refinance loans compared to purchase loans, typically around 0.01% to 0.15% higher for a 30-year fixed rate.
- Factors like paying closing costs upfront, buying discount points, and avoiding mortgage insurance can help in reducing interest rates when refinancing.
- It's essential to compare current and new interest rates, mortgage balance, and loan term to determine potential savings before deciding whether to refinance.
- Refinancing can be beneficial if it lowers interest rates, reduces monthly payments, pays off the mortgage sooner, accesses home equity, or eliminates private mortgage insurance (PMI).
- National mortgage rates have hovered in the mid-to-high 6% range, with experts expecting minimal movement in rates for the first half of 2025, influenced by economic indicators like inflation and employment trends.
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Mortgage Rates Today: May 23, 2025 – 30-Year Rates Steady, 15-Year Rates Up
- The average mortgage rate on a 30-year fixed mortgage is currently 6.99%, higher than last week's 6.92%.
- For a 15-year fixed mortgage, the average rate is now at 6.05%, up from the previous week's 5.91%.
- Factors like Federal Reserve decisions, U.S. Treasury bond yields, and global events impact mortgage rates, making it difficult to foresee significant rate drops.
- Using a mortgage calculator can help estimate monthly payments based on factors like interest rate, purchase price, and down payment.
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Today’s HELOC & Home Equity Loan Rates: May 23, 2025
- Home equity loans and HELOCs allow homeowners to access the value of their homes through fixed-rate lump-sum loans or variable-rate lines of credit.
- HELOCs come in different amounts like $100K, $250K, and $500K, offering flexibility for various financial needs and projects.
- Different term lengths, such as 5, 10, 15, 20, and 30 years, are available for home equity loans, each catering to different borrowing preferences and goals.
- Building home equity is essential for long-term financial health, as it contributes to increasing net worth and overall wealth accumulation over time.
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Forbes
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CD Rates Today: May 23, 2025 – Take Home Up To 5.02%
- CD rates today, as of May 23, 2025, reach up to 5.02%, significantly higher than in prior years, offering attractive options for savers.
- Certificates of Deposit (CDs) are fixed-interest savings accounts with penalties for early withdrawal; choosing a CD term aligned with your financial needs is crucial.
- Options include higher-yield three-month CDs averaging at 1.3% or a six-month CD with the best rate at 4.94%.
- For longer terms, a 12-month CD offers up to 5.02%, while two-year CDs provide interest rates as high as 4.52%.
- Consider a three-year CD yielding up to 4.27% and a five-year CD at 4.26%, but be mindful of early withdrawal penalties.
- Jumbo CDs with rates of 4.94% for a 6-month term are available, typically requiring substantial minimum deposits.
- When seeking top CD rates, compare offerings from various institutions including banks, credit unions, and online platforms.
- To open a CD, deposit a specific amount, with the timer starting upon deposit and potential early withdrawal penalties impacting earnings.
- While CDs offer secure savings with FDIC or NCUA coverage, they might not match the returns of stocks, which come with higher volatility.
- Understanding the role of CDs versus stocks in a financial plan is essential for long-term financial stability and growth.
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Forbes
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High-Yield Savings Account Rates Today: May 23, 2025 – Rates Are Steady
- Savings account rates have remained the same compared to last week, with the highest yield currently being 5.84% on a $2,500 minimum deposit.
- High-yield savings accounts typically offer much higher interest rates than traditional accounts, with certain accounts providing a 4.88% interest rate on a $10,000 minimum deposit.
- Average APY for traditional savings accounts is 0.22%, while for high-yield accounts it is 0.23% for $10,000 minimum deposit and 0.24% for $25,000 minimum deposit.
- Choosing between traditional and high-yield savings accounts depends on your needs and willingness to meet requirements for higher interest rates, with online banks offering better rates but watch out for fees.
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Lathika Pai files suit against Microsoft India; demands Rs 35.3 cr in damages
- Lathika Pai, a former executive at Microsoft India, has filed a suit against the company alleging unfair dismissal.
- Pai is seeking Rs 35.3 crore in damages, citing a hostile work environment as the reason for her resignation.
- The case was initially heard at the Delhi High Court but later referred to a civil court in Bengaluru.
- Pai's resignation was linked to an investigation into a startup initiative at Microsoft that led to internal controversies and alleged mistreatment.
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HSBC UK links bonuses to office attendance
- HSBC UK ties employee bonuses to office attendance, requiring at least 60% in-office presence.
- Non-compliance may impact performance reviews and annual bonus payouts.
- Around 24,000 employees in retail and commercial banking divisions affected by the new policy.
- This move follows a broader industry trend of financial institutions tightening remote work policies.
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HRKatha
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Saudi Arabia launches volunteer work license to boost non-profit sector
- Saudi Arabia has introduced a new volunteer work license initiative to enhance volunteer activities, focusing on supporting services for pilgrims.
- The license aims to help volunteers develop skills and operate within a structured and secure environment, promoting efficiency and safety.
- The initiative was launched during the International Non-Profit Sector Exhibition 2025 (IENA), featuring forums to foster collaboration between non-profit organizations and public/private entities.
- Saudi Arabia is increasing its focus on empowering the non-profit sector to drive social impact and national development, targeting a significant rise in active non-profit organizations and their GDP contribution by 2030.
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HRKatha
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“Managers of the future will need to be ‘super managers’—experts in both technology and people,” Richard Lobo, CPO, Tech Mahindra
- Richard Lobo, CPO at Tech Mahindra, discusses the changing role of managers and the importance of balancing technology with human capabilities.
- He envisions a shift towards prioritizing skills and adaptability over credentials, driven by factors like changing business models and AI validation.
- The future of hiring will focus more on what individuals can achieve rather than past experiences, especially in lateral recruitment.
- Automation and AI emphasize the need to balance technology with human traits like creativity and collaboration in workplaces.
- Managers of the future will require expertise in both technology and people, managing bots alongside human resources for optimal outcomes.
- Performance management systems will evolve towards continuous feedback and coaching-oriented approaches for improved outcomes.
- Continuous learning and skill development are essential for long-term career success, with credentials serving as entry points rather than guarantees.
- Tech Mahindra's culture promotes inclusivity, collaboration, and sustainability, fostering a conducive environment for innovation and growth.
- The company focuses on internal talent mobility and leadership development across diverse domains while balancing individual and team performance rewards.
- Tech Mahindra emphasizes responsible AI governance with principles like transparency, fairness, and protection of privacy and data.
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When employers try to become social engineers
- Gopal Snacks, a snack manufacturer in India's consumer goods sector, has adopted unconventional employee benefits such as substantial marriage payments for female workers to challenge India's dowry system.
- The Kanya Vivah Policy provides financial assistance to unmarried women who complete 10-15 years of service, impacting not just individual workers but entire rural households.
- Critics raise concerns about the policy's practical impact due to the delayed benefit eligibility and potential limitations for women who marry young in rural areas.
- The company claims that the policy has influenced workplace dynamics, leading to more women operating packing machines and breaking gender stereotypes.
- Cross-functional problem-solving sessions are held to foster collaboration among departments and address challenges collectively.
- The company emphasizes bidirectional feedback processes, including structured performance reviews and exit interviews for transparency and trust-building.
- Skills development at Gopal Snacks occurs through informal Excel training sessions where employees from different departments participate as learners and instructors.
- The company supports the Suvarnabhrasan Movement, an Ayurvedic immunization programme for children, showcasing silent philanthropy without public recognition.
- While these initiatives illustrate corporate social intervention, questions persist about their scalability and broader applicability across different cultural contexts and industries.
- Gopal Snacks' approach highlights its belief in businesses as agents of social change, offering insights into the interplay between business objectives and social transformation in contemporary India.
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Medium
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Whitespace: UX’s Silent Conversion Driver
- Whitespace plays a crucial role in UX design by providing visual breathing room and enhancing user experience.
- Cluttered designs can lead to stress for users, resulting in high bounce rates and decreased session durations, particularly on mobile devices.
- Whitespace helps in making content more readable, improves information recall, and encourages the usage of secondary features.
- By utilizing whitespace effectively to create visual hierarchy and enhance contrast, designers can improve user engagement and conversion rates.
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Ankush Malik, COO of Juniper Green Energy, elevated to CEO
- Ankush Malik has been promoted from the Chief Operating Officer (COO) to the Chief Executive Officer (CEO) of Juniper Green Energy.
- Malik has a background in engineering and finance, having worked in companies like Lanco, ICICI Bank, Orange Renewable Power, and Greenko before joining Juniper Green Energy.
- He has expertise in financial modeling, business strategy, carbon accounting, project planning, and project delivery, among other areas.
- Juniper Green Energy focuses on renewable energy projects and is preparing for its upcoming initial public offering (IPO).
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