Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Companies restore salaries ahead of festive season, thanks to economic revival.


Date: 08-10-2020
Subject: Companies restore salaries ahead of festive season, thanks to economic revival
Companies are restoring salaries to pre-COVID levels in a graded manner ahead of the festive season in November as the economy restarts.

It comes as positive news for many workers who have been taking salary cuts ranging between 5-50 percent since the COVID-19 lockdown in March.

Companies to reverse salary cuts include Deki Electronics, Forbes Marshall, Livspace, Lumax Industries, Sandhar Technologies, TIL, Toppr and Upgrad, The Economic Times reported. Export firms, however, are still on wait-and-watch mode.

Nitin Sethi, CEO, (Performance, Rewards and Organisation) at Aon India told the paper that the next few months will see more companies reversing salary cuts, adding that keeping employees engaged, motivated and driven is important.

Overall, close to 12 percent companies have already restored salaries, while another 20 percent announced plans for the same, Aon India survey (of 425 Indian companies and over 2,000 global companies) showed.

Revival in economic activity is inching to normalcy as indicated by GST collections, e-way bills, rail freight load for September and companies are thus looking to boost employee morale by graded restoration of salaries, the report noted.

In the auto component industry, salary cuts of 30 percent have been reduced by 10 percent each month since August. This was a direct result of demand pick-up in the sector. “Faster the recovery, faster the wage restoration in the sector,” said Jayant Davar, founder of Sandhar Technologies.

Livspace Co-founder Ramakant Sharma said salaries have been reinstated to pre-COVID levels for 80-85 percent workforce, with the remaining likely to be completed over the coming days.

Electronics has also seen quick demand revival, which is why salaries for 100 percent employees have been revived since August till September, Deki Electronics MD Vinod Sharma said.

Salaries of executives, however, are on wait-and-watch, said Sumit Mazumder, MD of construction equipment manufacturer TIL.

Forbes Marshall echoed similar sentiment, with C-chairman Naushad Forbes saying that while employees’ salaries are restored, senior management pay is still on lower salaries as uncertainty continues.

Sector-wise, tech companies, especially edutech firms, have seen quick and complete reversal of salary cuts, said Deloitte India.

Source:-moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 26-11-2020
Notification No. 43/2020-Customs
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe BCD rate of 27.5% on Crude Palm Oil

Date: 26-11-2020
Notification No. 39/2020-Customs (ADD)
Seeks to amend notification No. 51/2015-Customs (ADD), dated 21st October, 2015 to extend the levy of ADD on imports of "Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester " originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020

Date: 26-11-2020
Public Notice No. 30/2015-20
Revision of SION A1827 of Export Products - Ossein

Date: 23-11-2020
A.P. (DIR Series) Circular No. 07
Establishment of Branch Office (BO) / Liaison Office (LO) / Project Office (PO) or any other place of business in India by foreign law firms

Date: 20-11-2020
Circular No.51/2020-Customs
Clarifications regarding availment of exemption on temporary import of durable Containers - reg.

Date: 19-11-2020
Notification No. 60/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 61/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 59/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 19-11-2020
Notification No. 38/2020 -Customs (ADD)
Seeks to further amend notification No. 56/2015-Customs (ADD) dated 4th Dec, 2015 to extend the levy of Anti-Dumping duty on Phthalic Anhydride originating in or exported from Japan and Russia, up to and inclusive of 31st Jan, 2021.

Date: 19-11-2020
Notification No. 108/2020 - Customs (N.T.)
Exchange rate Notification No.108/2020-Cus (NT) dated 19.11.2020



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001