PWC India, the elite MNC CA firm, has explained the strategy that it intends to follow to overcome the hurdles posed by the CoronaVirus slowdown
Deferment of promotions, increments and bonus
Shyamal Mukherjee, the Chairman and Territory Senior Partner at PwC India, has announced that PwC India has initiated proactive measures to navigate the uncertainties caused by the COVID-19 contagion.
This includes inter alia deferment of promotions, increments and bonus of the staff.
He stated that these measures are necessary to make the organisation more sustainable.
The measures will continue till there is certainty around business.
His statement reads as follows:
“In today’s challenging times due to COVID-19, with the extensive actions and confidence building measures taken by the Indian government, leaders of organisations need to match up by taking proactive steps to protect their organisations and their employees in times like this.
We at PwC India have initiated proactive measures, that will help navigate the uncertainties, keep all employees safe and make our organisation more sustainable.
We have worked out some interim measures which includes deferment of promotions, increments and bonus till a point in time one gets certainty around business.
I am sure this will hold us in good stead.
We will continue with all our efforts to keep our employees safe and engaged in this difficult period.
We are very proud of our people for their understanding and support.”
We at PwC India have initiated proactive measures, that will help navigate the uncertainties, keep all employees safe and make our organisation more sustainable. We are very proud of our people for their understanding and support. Read the details here: https://t.co/RQzC1m3SXu
— Shyamal Mukherjee (@ShyamalM_) March 26, 2020
First news from Big4. Like I mentioned in my Twitter live last night, more sad news will come. Brace yourselves. ?
PwC freezes hiring, defers all promotions, increments and bonuseshttps://t.co/n8RigMcmUj
— Ashu (@muglikar_) March 27, 2020
Partners will take 25% cut in salary?
According to a report in Business Insider, the partners will face a cut of 25% from their salaries.
It is also stated that while the salaries to staff for March will be paid on time, the salaries for April may be delayed till the cash position improves.
Deloitte also tightens belt
Deloitte India also appears to be preparing for the imminent slowdown.
According to a report in the Economic Times, the top brass of Deloitte held a conference call in which the senior executives were informed that CoronaVirus has impacted the firm.
The partners were cautioned that they may be required to lower their drawings from the partner pool.
Thankfully, the firm has not announced a salary cut for the employees so far.
Corona Bonus
Some organisations have chosen to pay more to employees to cope with the Corona disruption.
Facebook announced that it would give a bonus of $1000 to employees working remotely.
Facebook told employees that it would pay them each a $1000 bonus to help those who are working remotely amid the coronavirus outbreakhttps://t.co/3Qfe1IjcSz
— CNET (@CNET) March 17, 2020
Similarly, Cognizant announced an additional payment of 25% of the base pay for April for certain categories of employees.
This is in recognition of the business continuity efforts by employees amidst the #COVID19 crisis. Cognizant’s India headcount as of Dec 31, 2019 was approx 203,700.
— Chandra R. Srikanth (@chandrarsrikant) March 27, 2020
At the outset, your header itself is incorrect for the reason that PWC is not a “Firm” in the legal sense as it is a company. Secondly, it is not a “CA Firm” at all, as it is not registered with the ICAI as such. Since ITAT Bar Association is a legal entity made up of and is run by, CAs and Advocates, please verify the facts before publishing.
YES I AGREE WHAT VARDAN WRITES. THC CO SHOULD TAKE CARE OF THEIR EMPLOYEES AND THAT WILL ENSURE COMPANY’S PROFITS.
Efforts of PWC to reduce the perks of employees is not good. In the difficult times they have to help their people. When there were profits no employee asks additional perk likewise in difficult times atleast maintain the existing policy. They can think.