The airline industry has been in a soup since the coronavirus outbreak in China. As the outbreak turned into a pandemic, the aviation sector came to a total halt bringing the aerospace companies’ nightmares into reality. The tourism and aviation industry has been one of the most impacted industries in the economic ecosystem due to…
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…
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…
Reliance Industries has announced that the company will reduce the salaries of its employees by 10%. The reduction will be for the employees in the oil and gas division, an internal memo said. “The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries and businesses are impacted and Reliance is…
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 coronavirus pandemic has proved to be a pain in the back of businesses, especially new-age startups. The pandemic followed by a nationwide lockdown has severely affected the businesses and operations of many organizations that are now finding it hard to tide over the unprecedented crisis. Companies have now resorted to tough cost-cutting measures in…
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…
Private banking company Kotak Mahindra Bank recently announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21. The Managing Director of the bank, Uday Kotak has personally opted to forgo his salary, and will receive Re 1/- as compensation. The bank in…