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February 5, 2023

Bonus Watch ’21: PwC India Is Really Laying the Bonuses On Thick

As you know, the Big 4 are trying to make up for either completely ignoring or providing pathetic raises and bonuses to employees last year due to the pandemic, even though three of the four (womp, womp, KPMG) pulled in the most revenue in FY 2020 than they ever had before. It’s hard not to roll your eyes when multibillion-dollar companies cry poor.

In the past few months we’ve seen the Queen’s EY hand out “lockdown bonuses,” Deloitte U.K. give Deloitters a “thank you bonus,” and PwC in the U.S. tempt employees with a bonus to go away, among others. At least they are rewarding employees for their hard work over the past 15 or so months with additional money instead of pizza.

The latest Big 4 firm that is asking its employees for forgiveness through bonuses is PwC in India. The Economic Times in India reported yesterday:

PwC India on Monday said it is increasing variable pay of India employees by three quarters, offering salary corrections and giving special bonuses.

The firm said that it has already paid a two-week special bonus to all its employees in March. It is now providing vouchers ranging from Rs 25,000 to 50,000 (based on management levels) to all employees who joined on or before 31 March 2021.

“This is for them to use in the way it’s most meaningful to them and their families, who have been equally integral to our journey in the past year,” the firm said.

While executive directors and partners at PwC India took 25% pay cuts last year, part of the cost-cutting at the firm also included deferring staff raises, bonuses, and promotions.

As the Economic Times mentioned, PwC tried to make amends last March by giving all employees a one-time bonus equivalent to two weeks’ pay. This was known as the “token of appreciation” bonus.

The Big 4 are trying to win back your loyalty by throwing extra money at you. Fine. But just remember, your firm wasn’t loyal to you last year. You don’t owe them anything. So thank them for the bonus and smile, because as Adrienne wrote last week, you—not the firm—have all the leverage now.

PwC hikes variable pay of India employees by 75% including special bonuses [Economic Times]

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