Corona’s havoc: the process of retrenchment of employees and bad news of salary cuts did not stop

On the one hand, the corona epidemic has gripped more than 5 million people worldwide, while its effects are continuously losing jobs. Crores of people have become unemployed. Corona is not taking the name of the bad news of layoffs from companies and salary cuts of employees like the number of infected patients. The latest case is of TVS Motor Company. The company has cut its employee salaries by up to 20 percent for a period of six months due to the corona virus epidemic.

TVS Motor makes temporary cuts in employees’ salaries

The company has decided to cut pay at the executive level from May to October this year, excluding the initial level employees. A spokesperson for TVS Motor Company told PTI-language, “In view of the unforeseen crisis, the company has made temporary cuts in wages at various levels for six months (May to October, 2020).”

15 to 20 percent salary cut

The spokesman said that there will be no cut in the wages of those working at the labor level. At the senior executive level there will be a 15 to 20 percent pay cut, while at the junior executive level there will be a five percent salary reduction. TVS Motor Company is the third largest two-wheeler company in the country. Earlier, the company said that it has resumed operations at all its manufacturing plants across the country on 6 May. The company has four manufacturing plants. Three of these are in India (Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh) and one is in Karwang, Indonesia.

Senior manager of IDFC First Bank will take 10 percent less salary

In view of the impact of Kovid-19, senior managers of private sector IDFC First Bank have announced to voluntarily take 10 percent lower salary. The bank’s chief executive has also accepted a 30 percent reduction in his salary. The bank said in a statement on Monday that its senior management officials have voluntarily announced 10 per cent lower salary in the current financial year.

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Bank managing director and CEO V. Vijayanathan has also cut his salary by 30 percent. The bank also talked about retaining all employees. It also includes newly recruited employees before the epidemic. The bank has also paid 100 per cent variable pay to 78.2 per cent of its employees for the remaining period of 2019-20, despite the Kovid-19 epidemic.

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The bank informed that its employees have given a total of 3.29 crore rupees a day’s salary to the Prime Minister’s Civil Assistance and Relief Fund (PM Cares) for ‘accidental situations’. The bank has contributed Rs five crore to PM Cares. While its managing director has personally contributed Rs 47 lakh to the Kovid-19 relief work.

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A total of Rs 10.86 crore has been contributed for the bank’s corona virus relief work. This includes the bank’s’ Ask for Mask (Ask for Mask), ‘Village-Village Mask,’ Labor Assistance Program, ‘Share a Meal (Share Meal),’ Kovid Warriors on Wheels (Delivery personnel fighting Kovid-19) And relief initiatives launched with the Give India Foundation.

Startup LiveSpace laid off 450 people

Bengaluru-based startup LiveSpace has laid off 15 percent of its workforce (450 people) due to the Corona virus epidemic and its prevention due to lockdown. The company took this decision only last week. LiveSpace was founded in 2015 by Ramakant Sharma and Anuj Srivastava. The company provides a shared digital platform to homeowners, certified designers and vendors of related goods.

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The company said in a statement, “Due to the Kovid-19 epidemic, the expenditure of people in all categories except the essential materials has been reduced. LiveSpace, like every business, has experienced a sudden and unexpected impact on the business. “Earlier in April, its founders gave up their annual salary. LiveSpace said,” The decision affected about 15 percent, or 450 employees. Has happened. To be honest, it was the last resort for us. “

Ricoh Auto fired 119 permanent employees

On May 22, Ricoh Auto Industries, which manufactures auto parts, fired 119 permanent employees of the Dharuhera plant in Haryana. The company said in a briefing to the stock market that voluntary retirement scheme (VRS) was introduced in October 2019 for permanent employees at the Dharuhera plant to make the workforce rational as per business demand.

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However, out of 208, only 42 introduced the VRS scheme. But to keep the plant running, the company needs to reduce its workforce further. So the company has laid off 119 more employees. The company said that all these employees would be paid compensation under Section 25C of the Industrial Disputes Act-1947. Ricoh supplies parts for various two-wheeler and four-wheelers.