- While work from home might just help in flushing away the coronavirus, employees, as well as leaders, are now going for pay-cuts due to the slowdown of the economy, industries, and allied companies.
- Another 30 days of the shutdown might lead to 3000-5000 more layoffs in the travel and tourism industry alone.
When there is a situation around us that falls under ‘Global shutdown’ it looks and feels something like what we are going through nowadays. Have you ever thought about how much money has been lost? Maybe the worst is yet to come, here we talk about pay-cuts due to coronavirus outbreak.
Work from home, social distancing and government requesting to go out only if necessary, everything sums up as slowing down of the economy. By taking precautions we can hope that before it’s a complete shutdown of the economy, we are able to generate momentum when coronavirus is actually shooed away from every possible country.
Canada, the US, France, Spain, UK, Germany, Finland, Sweden, Russia, China, the UAE, Thailand, Malaysia, Singapore, and the Philippines. Apart from attracting tourists, travelers, and multinationals, they are also hit by the coronavirus.
If you are still trying to connect the dots between all these things and pay-cuts due to coronavirus, here are some highlights of the recent times:
Chinese Ex-pats Have Flown Back to China but Their Return Seems in Ambiguity –
7,000 Chinese minds flew back to China for celebrating Chinese New Year. Back in China, there was an uninvited guest waiting for the right time to spread across the nation. Coronavirus outspread was so fast that every hour of the day to another morning, it just kept on multiplying.
Those Chinese minds were from the automobile, electronics, eCommerce sectors and went back to China from Bengaluru, Pune, Gurgaon, Mumbai, Chennai, and Jaipur. There ex-pats from India, from the US and from every other country where they were working.
After COVID-19 havoc, not only companies have asked their employees to maintain social distancing. But nations are also said to go in isolation for a while. Those Chinese ex-pats went to China for new year celebrations, are not coming back at least for 6 more months.
While working from home does some of the work, but the work done is still not enough as compared to the work that should be done towards the growth of an economy.
Those Chinese ex-pats are working from home and at the same time, they have to settle down for less because of pay-cuts due to coronavirus.
Aviation Sector Seems is Burning Because of Pay-cuts due to coronavirus –
Isn’t it natural? When there is no travel happening, aircraft wouldn’t fly? They don’t take-off to play ringa-ringa roses with birds right? The aviation sector and pay-cuts due to coronavirus are like a horror story.
Government-owned Air India cuts down salaries of employees by 5% particularly in wake of coronavirus pandemic. After failing to attract investors, pay-cut due to coronavirus is the second blow for Air India’s team.
IndiGo CEO announced that he would be taking 25% while his senior colleagues would be taking 20% pay-cut due to coronavirus issues, and pilots would take a 15% pay-cut.
Salaries of IngiGo Airlines account for roughly 10-11% of the airline’s total expenses.
“The pandemic would be a huge leveler, as it will impact jobs of not just the lower-income group, but also of those who are in the mid and high-income brackets. Jobs have already vanished overnight as companies, especially in the travel, tourism, and aviation, are fearing bankruptcy.’ – Says MD of Chennai-based HR services company, Avtar Group.
AirAsia India’s CEO told staff at its Bengaluru headquarters that all the airline’s fleet expansion plans would be paused for a moment. SpiceJet along with GoAir and Vistara has abandoned its entire international operations.
Online travel bookings going as down as 30% talks a lot about the present situation. After all, this, witnessing pay-cuts due to coronavirus shouldn’t be a surprise.
From Skies, Roads to Cabins, Everything Is Blown by Coronavirus –
Urban company – a unique provider of at-home salon services, home repairs and much more. It’s VP of partner safety and success mentioned: “We are also monitoring compliance of the usage of masks by doing quality audits on a randomizer ser od cases”.
The on-demand industry is also bleeding. Demands for OLA and Uber cab 50% below that what they used to get some time ago.
Apollo Tyers Leadership Team Take Pay-Cut Due To Coronavirus –
Gurugram-based Apollo Tyres also announced their voluntary reduction in pay due to the impact of COVID-19 on the automobile industry.
MD And Chairman, Onkar S Kanwar and Vice Chairman & MD, Neeraj Kanwar announced a 25% pay-cut due to coronavirus outbreak. Following this, Apollo’s senior management has also taken voluntary reduction by 15% in a show of solidarity due to disruption in the industry.
“This is an incredibly difficult time for our employees and their families. We are in unchartered waters but as one family we will work together and make the necessary sacrifices to steer Apollo Tyres in the right direction, to overcome this period.” – Onkar S Kanwar – Chairman & MD commented.
After the government addressing some serious concerns, the COVID-19 issues can’t be taken lightly anymore. If you’re thinking that it can’t happen to you, you’re probably wrong.
When big multinationals, markets, industries are shrinking, fears of coronavirus continues to linger. While the dark times are still ahead, pay-cut due to coronavirus, supply shortages, head offices being shut down are more to come.
During this pandemic time, lets just stay at home and hope for the dark clouds to settle down. By not going out you are making sure that you are safe from this virus as well as you are not being a mere traveler for coronavirus to spread itself around you.