PwC India has said it will announce promotions, compensation revisions, and bonus payouts for employees on October 1, 2020.
According to an ET report, the impact of Covid-19 had earlier resulted in partners and executive directors at PwC taking pay cuts of up to 25% this year, while increments, promotions and bonus payouts were deferred for all employees.
Performance ratings for FY20 have already been shared with employees and promotions and compensation adjustments will be announced on October 1 and be effective from that date.
In a LinkedIn post, Shyamal Mukherjee, Chairman of PwC India said, “As we continue to navigate the reality of a fast-changing business environment in the wake of Covid-19 and its impact on the economy, I want to thank our people and partners for their tireless commitment to living our Purpose. They continue to be the frontline ambassadors of our brand, delivering quality service to clients every single day through every interaction.”
He added, “Today we announced to our people our plan around promotions, compensation revisions and bonus payouts. We are confident that these measures will help us keep the larger long-term interests of our people and the firm at the very center. I am thankful for the support and understanding of our people in these difficult times and their dedication to build a stronger firm of the future."