Wipro chairman Azim Premji is in the news for the last few days. News reports in the media speculate that he is looking to exit Wipro. He and his family own 73% percent of the company shares. The sale of shares in WIPRO will get Azim Premji Rs 100,000 crore.
Why suddenly the news is circulating in the media? The market is down and IT industry is facing problems from different sides. Whenever market is down and their profit margins are decreased by a few points the capitalists put the blame on employees working in their company. They start manipulating employees’s appraisals and force them to resign.
The truth is different. Not a single employee of WIPRO is responsible for the difficulties faced by the company. The article in money control explained they Wipro have cash surplus of more than Rs 34,474 crore. Their cash generation is also strong.
Not only WIPRO, every other IT major has also surplus cash. How this large amount of profit accumulated? This was stolen from IT employees’ wages. This does not belong to Azim Premji, this belongs every worker in the company.
The Indian IT industry is built by the model of low wages and exploitation of workers. The IT companies have strong lobby for their welfare so when layoffs started government is supporting them not the employees who put in their hard work for the company.
The day we unionize and fight against these operators we will get our share. There is no path other than fight for our rights.
Wipro promoters in early stage of evaluating sale of part or whole business: Source