Indian companies are starting to restore employee salaries that were cut due to the severe business disruptions from the pandemic and lockdowns, and are also offering incentives to workers amid a gradual recovery in the economy and pickup in business activity.
While most of these companies are seemingly benefiting from changed consumer behaviour due to the pandemic, there are, however, growing instances of those that continue to be in cash-conservation mode but are still rewarding their staff.
For instance, Pune-based engineering services firm Forbes Marshall has fully rolled back pay cuts and restored salaries to pre-covid levels. Last month, hospitality firm OYO restored full salaries of its staffers in India and South Asia. Pay cuts for what is computer engineering employees with fixed annual compensation of up to ₹8 lakh have been reversed from 1 August while the rest, it will be restored in a phased manner from October. In the ed-tech space, startups Upgrad and Toppr have restored pay.
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