On Monday, PwC India announced increasing variable pay of Indian employees by three quarters, offering salary corrections and giving special bonuses.
Salary Corrections And Bonuses
Prior to this, PricewaterhouseCoopers Private Limited has announced that all the employees of the company will be granted a one-time bonus in March.
On top of that, now the firm is providing vouchers ranging from Rs 25,000 to 50,000 (based on management levels) to all 15,000 employees who joined on or before 31 March 2021.
Appreciation For Contribution
While talking on the subject, the 167-year-old firm said “this is for them to use in the way it’s most meaningful to them and their families, who have been equally integral to our journey in the past year,”.
Further, Chairman, PwC in India, Sanjeev Krishan, said, “We take great pride in being able to achieve sustained outcomes even with our people working from home. Despite the uncertainties caused by the ecosystem, our people with their continued commitment have been true partners in our success and helped us deliver enhanced value to our clients and stakeholders. As an appreciation of their contribution, we are very pleased to be able to reward them better this year with a significant increase in bonus payments including a component of cash vouchers,”.
Deferred Promotions And Bonuses
Last year, PwChad deferred promotions, increments and bonuses in March for all its employees in India.
During the pandemic, the firm feared disruption. Even the top partners had taken salary corrections in March as a way to conserve working capital.
Now about a year later, it looks like the firm is riding high on the bounce back in the Indian economy in certain sectors.
Since the start of the pandemic, the Indian economy continues to be under duress with few sectors that seem to be outperforming.
Along with that, the stock markets have also touched new heights during the last one and a half years.
Now, industry experts are hoping that consumer spending may be back as the second Covid wave wanes and especially in the last quarter during the festive season.
Krishan said, “We are hopeful that this effort from our side will not only augur well for our PwC family but also help boost consumer spending in a small way, which is critical at the moment to the overall health of the Indian economy,”.