Due to Coronavirus, there was economic recession all over the world. The condition of the auto sector was disturbed. Some companies scissored salary in their management level. But with the post-Corona virus recovery, most auto companies are operating to their full potential and their demand has increased so much. There is a problem in completing on time. At this time, being an employee of auto companies is probably the best thing. Silver is among the companies making automatics and auto components due to better than expected demand. In such a situation, these companies are now adopting a policy of increasing the salary of their employees instead of reducing it. Increments are also being given.
In the wake of the Corna virus epidemic, senior executive management and board members decided to reduce their salaries by the beginning of fiscal 2021. April-June reached its historic low due to a lockdown in auto cell (all Segmat) in the quarter. But due to strong sales growth in the July-September quarter, many companies are now adopting a policy to reward their employees. Some companies are now giving hikes to employees on the basis of their annual increment cycle after a quarter-long delay due to COVID. At the same time, there are some companies working on the second phase of pay hike. Which will be applicable from the coming fiscal year.
Hyundai Motor India -HMIL, the country’s second-largest carmaker, will start the appraisal process from February. According to information from sources, the grading process will start soon. Soon after this, the salary hike will be implemented from April. Explain that the salary of employees of any level in HMIL has not been cut. Even in August, everyone’s salary has increased. Information about this has been received from sources.
Promotion of employees was delayed due to the coronavirus epidemic and market conditions at two-wheeler maker Bajaj Auto. Nevertheless, the whole process was adopted. The company’s executive director Rakesh Sharma said that there was no reduction in one’s salary due to Coronavirus. The promotion was delayed but the salary was increased with increment. Bonus and increment cycles are from 1 April. Which will be followed.
Delhi-based JK Tire said in March that its senior management had decided to cut salaries by 15-25 per cent on its own. The company’s chairman and managing director Raghupati Singhania had cut his salary by 25 percent. He said that not only this kind of salary deduction but also revised the salary package. This was done by salary cuts themselves. Singhania said that I am grateful to the members of JK Tire for this decision. Salary cuts have been withdrawn at different levels at multiple levels. Right now everyone’s pay cuts have been abolished. Singhania said that we have decided to give annual increments from 1 January 2021.
JK Tire’s rival company CEAT had a different atmosphere. Demand with the company increased so much that additional work had to be done to supply it. The company gave increments in the December quarter. Also, due to the addition of additional employees, he had to bear the additional cost of the salary of new employees.