India: Diwali bonuses bring cheer for employees
With more than one week to go before Diwali, many companies – both public and private – have decided to continue with the tradition of giving out bonuses to their employees.
Government employees of the states of Haryana, Madhya Pradesh and the Central government will receive bonuses, gifts and arrears ahead of Diwali, according to India.com. The Tamil Nadu government has announced that it will distribute Rs210.48 crore (USD$28 million) to over 291,000 PSU employees in the state, said Business Standard.
Meanwhile, Brihanmumbai Municipal Corporation will pay full-time staff bonuses between Rs2,350 (USD$32) and Rs15,500 (USD$210), according to Mumbai Mirror.
Not to be outdone, private sector companies are following suit. Voltas and Vijay Sales have given Diwali bonuses to their staff, while Urban Company has advanced its appraisal cycle. Reliance Industries paid the variable pay in addition to reversing pay cuts, said The Times of India.
Besides giving out bonuses, companies are restoring salaries that were earlier reduced. Kotak Mahindra Bank reinstated pay cuts for its top executives earning more than Rs2,500,000 (USD$33,816) per year; employees earning less than Rs2,500,000 per year did not face any pay cut.
Television broadcasters like Star, Viacom18 and Zee have also rolled back pay cuts. In addition, Zee’s employees will get 50% of pending bonus before Diwali.