One of India’s leading private banks, Axis Bank is planning to give hikes to its employees even in the current economic scenario. According to a report in ET, the company will increase staff salaries between 4% and 12% from Oct. 1 based on performance. The company which has a workforce of about 76,000 employees, also paid bonuses to its staff, the report said.
With the pandemic becoming the new normal some of the organizations are coming financially back on track which leads to appraisal and promotions. After a few rounds of job cuts, the companies are trying to hold on to their key employees with lucrative offers.
It can be recalled that another private bank HDFC had also revised salaries in April based on performance and also paid bonuses. The pay rises come as the coronavirus pandemic forces some local and global peers to cut jobs and pay. Many Indian lenders are seeking to save costs as the coronavirus is expected to push soured assets to a two-decade high.
Not only banks but companies in other sectors such as retail, FMCG, and consumer goods have also proposed hikes to their employees.