PwC postpones promotions, increments, and bonuses of India employees amid Covid-19
PwC India recently announced that the company is deferring promotions, increments, and bonuses for all its employees in India due to the impact on their cash flows resulting from Covid-19.
PwC India has also announced a complete hiring freeze while its partners take a 25 percent pay cut.
Shyamal Mukherjee, India Chairman of PwC India wrote on his LinkedIn post, “We at PwC India have initiated proactive measures that will help navigate the uncertainties, keep all employees safe and make our organisation more sustainable. We have worked out some interim measures which includes deferment of promotions, increments and bonus till a point in time one gets certainty around business,”
The major issue faced by PwC is that while the firm is profitable, the payments are stuck as clients are unable to make payments on time due to the current cronavirus situation.
According to the letter written by the firm partners and executive directors will take a 25% pay cut but no decision was taken on pay cuts of other employees. The health policy meanwhile would cover Covid-19 hospitalization for all employees and would inform the employees about our cash position if that improves during the course of the next few months.
According to an email sent to employees, the March salary would be paid on time.
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