India’s largest budget carrier IndiGo recently said that it has further deepened pay cuts for its senior employees and pilots by 10-13%. The recent development at the budget carrier comes just a week after it announced plans to lay off staff to tide over the coronavirus crisis. According to a Mint report, the salary cuts…
The novel coronavirus outbreak has pushed the entire world to witness a pandemic, circulating waves of panic across the globe. Due to uncertainty in business owing to the current scenario, businesses are slowing down bringing the growth of the economy to a halt. There has been a sudden slow-down of the economic activities at an…
IDFC FIRST Bank recently announced that its senior management has volunteered to take a 10% cut in compensation in the current financial year 2020-21. Along with the leadership team, V Vaidyanathan, MD & CEO, IDFC FIRST Bank, has also voluntarily offered to take a pay cut of 30% in his compensation including Fixed compensation as…
As the coronavirus pandemic affects business revenues and future plans due to uncertainty of the economic environment, organizations have started to give their employees salary cuts to conserve cash during the crisis. Joining the likes of many other companies, Tata Sons have also decided to move ahead with salary cuts for its top brass. For…
Deutsche Bank’s top managers will waive one month of fixed pay in an effort to cut costs as Germany’s largest lender deals with the fall-out of the coronavirus crisis. As per a Reuters report, members of the management board as well as the bank’s group management committee will be affected by the move, chief executive…
India’s largest airline in by market share, IndiGo recently announced that it is now proceeding ahead with salary deductions for employees from May onwards. The company Chief Executive Officer, Ronojoy Dutta also said that the carrier is implementing a “limited, graded leave without pay program” for the months of May, June, and July. The airlines…
Palo Alto, Calif.-based VMware has recently confirmed that it has taken several cost-cutting measures affecting its workforce amid the coronavirus pandemic. According to an internal memo, the company said it is conducting a company-wide employee salary freeze as well as temporary salary reductions for top executives, including CEO Pat Gelsinger, due to the uncertainty of…
Budget-carrier Vistara recently announced that it has asked its senior employees to take compulsory unpaid leaves for upto four days in the months of May and June. In an attempt to sustain their businesses and prevent cash-burn the airline’s CEO Leslie Thng announced the decision to cut down employee-related costs. “For the month of May…
London-based multinational investment bank HSBC recently announced that it has put on hold the plan to cut 35,000 jobs. The bank said that the decision to put job cuts on a halt was because it does not want to leave staff unable to find work elsewhere during the ongoing coronavirus pandemic. Earlier in February, HSBC…
India’s largest airline by market share IndiGo, recently announced that it has decided to not go ahead with its earlier decision of employee salary cut for the month of April. The airline said that the decision is in deference to the Central government’s wishes. “In deference to our Government’s wishes of not reducing pay during…
As per the International Labour Organisation’s prediction, the world will witness a loss of about 2.5 million jobs due to the coronavirus pandemic. Most of these job losses are coming from new-age startups and small scale industries who are being tested the most by the economic situation. After hospitality startups like Treebo and Fab Hotels,…
Since the lockdown was imposed for the containment of the novel coronavirus, the print and media industry is facing some heat on businesses. The printing of newspapers has now completely stopped and journalists are having a hard time moving to places for news coverage due to the travel bans imposed. The struggling business owners of…
The airline industry has long been in soup due to the novel coronavirus outbreak. But things got even worse for the sector post the governments imposing nationwide lockdowns and travel-bans. It is being predicted that if the lockdown gets extended any further, several budget carriers will have to file for bankruptcy. In an attempt to…
The novel coronavirus pandemic has brought the global economy on its knees. Business is not as usual and layoffs or salary cuts have become a daily routine now. The pandemic has impacted several businesses and organizations so much that some are even planning on to file bankruptcy if the crisis is not solved easily. Starting…
AngelList, a platform to connect investors to startups, has recently laid off a number of staff and cut executive salaries across all departments, according to a TechCrunch report. The company reportedly has more than $1bn assets under management. The company has yet not made any comments on the number of staff being laid off but…