The pandemic COVID-19 has upturned the lives of manyIndians. The six-month restrictions on mobility that had to be put in place werea heavy burden on the shoulders of those working in the unorganized sector.
Struggling with a new routine of work at home, pay cuts, oroutright removal from the job – the pain did not stop at finances.
The government recently went ahead and showered cash andbenefits to its employees.
But, now the person employed in private sector has news tocheer that will bring happiness to his pocket and thus his family.
Companies, especially listed large companies, are planningto rollback the sharp pay cuts that due COVID-19-induced slowdown. In addition,increments that may have been postponed are planned to be implemented.Moreover, bonuses may also be in pipeline.
Reliance Industries Limited is rolling back salary cuts inits hydrocarbons division. Additionally, a retrospective performance bonus willalso be given. Further, there is expectation that the company will offer advance30% of the variable pay from the next year’s salary.
It is noteworthy that the IT companies of India have alreadyseen to it that their employees find no reason to leave them and join acompetitor. Companies like TCS, Infosys,Wipro, HCL, and Mindtree have announced their plans that will hand more cash inthe hands of their employees.
Manufacturing and services firms are also looking at thesame prospect.
The rollback of salary cuts is expected to be timed with theDiwali festival.
Blue-collar workers like those in supply and deliverychains, logistics, warehouse management, and packaging and support operations mayalso get benefits from their employers.
News for those working in pharmaceuticals, consumer food,and technology is even better. These sectors have seen a growth due to the new conditionscreated by the Corona Virus, and thus the individuals employed in these sectorsmay expect the financial benefits to be handed to them even faster.
However, the individuals should raise their hopes for thefinancial benefits keeping in mind the COVID-19-induced slowdown. Things shouldlook up, but comparisons with previous year might be unreasonable.