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Pay Cuts and layoffs spreading in India along with Corona

Corona Paycut, Layoff

As we have approached on the 59th day of nationwide lockdown and day 4th of Lockdown 4.0 and the clouds of uncertainty have started hollering over the employment eco-system of the Indian economy.

While the Nation is battling with the spread of the mysteriously surfaced virus which has presently gripped the entire globe, layoff has been started by the Indian firms from Cab aggregators to food delivery firms and even media isn’t away from it to male balance into cost sheet of the companies despite government call not to do so.

According to information floating into the media spaces, there are dozens of companies who have offer pink slips to its employees or have introduced pay cuts in the wake of cost re-structuring and here is the list of some companies who had to take a call due to significant drop in revenue due to the Pandemic.

  • According to The Economics Times; Twitter backed shareChat, an Indian Video-sharing social networking service, laid off 101 employees due to the unpredicted advertising market this year.
  • Food delivery service provider Swiggy announced a layoff about 14% of its total workforce due to sharp decline into online delivery demand whereas it competitor Zomato has come up with 13% reduction into its workforce and pay cuts plan up to 50% across the organization for at least 6 months
  • Cab aggregator OLA has decided to lay off about 1400 employees to adjust the sharp revenue decline last two months while its competitor Uber has decided to sack 500 to 700 staff from its India based office.
  • US-based real estate company, We work eying to reduce 20% of its workforce in India in an attempt to revamp operations, Reuters Report.
  • Based on the Reuters Report, OYO rooms have announced 25% salary cuts for four months and several are being sent on leave with limited benefits.
  • Reliance Industries going by pay cuts up to 50% for some top Oil and Gas division employees and those who are earning more than Rs. 15 Lakh a year will face 10% deduction while senior executives will bear 30% to 50% of adjustments.
  • Sunday supplement Times Life, of Time Times of India, has shacked 3 of its employee out of total eight employees whereas a Digital innovation news platform The Quint decided to sent 45 employees on indefinite leave without pay.
  • Another Media company News Nation Network laid off the entire English digital media team of 15 without a given a termination letter nor a were they allowed to serve notice period.

The supreme court of India has already expressed its concern on dated Apr’ 27th 2020 about the layoffs and salary cuts by some media organizations. The apex court has issued a notice to the center on a petition filed by The National Alliance of Journalists, The Delhi Union of Journalists and, Brihanmubai Union of Journalists opposing the layoffs and cuts in paycheques.

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