The pandemic COVID-19 has upturned the lives of many Indians. The six-month restrictions on mobility that had to be put in place were a heavy burden on the shoulders of those working in the unorganized sector.
Struggling with a new routine of work at home, pay cuts, or outright removal from the job – the pain did not stop at finances.
The government recently went ahead and showered cash and benefits to its employees.
But, now the person employed in private sector has news to cheer that will bring happiness to his pocket and thus his family.
Companies, especially listed large companies, are planning to 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 in its hydrocarbons division. Additionally, a retrospective performance bonus will also be given. Further, there is expectation that the company will offer advance 30% of the variable pay from the next year’s salary.
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It is noteworthy that the IT companies of India have already seen to it that their employees find no reason to leave them and join a competitor. Companies like TCS, Infosys, Wipro, HCL, and Mindtree have announced their plans that will hand more cash in the hands of their employees.
Manufacturing and services firms are also looking at the same prospect.
The rollback of salary cuts is expected to be timed with the Diwali festival.
Blue-collar workers like those in supply and delivery chains, logistics, warehouse management, and packaging and support operations may also 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 conditions created by the Corona Virus, and thus the individuals employed in these sectors may expect the financial benefits to be handed to them even faster.
However, the individuals should raise their hopes for the financial benefits keeping in mind the COVID-19-induced slowdown. Things should look up, but comparisons with previous year might be unreasonable.