Nearly a week after Deloitte in India said it would give all employees either a bonus or a straightforward increase in salary this month as the firm bounces back from a pandemic-related malaise, PwC leaders in India are also sharing the wealth with employees as a “token of appreciation” for hanging in there during the health crisis.
The Economic Times reported earlier today:
PwC India, one of the big four firms, on Thursday announced a one-time bonuses for all its employees.
The firm on Thursday said that the bonuses will be paid to its 15,000 India executives.
This comes about a year after the firm had taken measures to conserve working capital amidst Covid pandemic. March last year the firm had deferred promotions, increments and bonuses of India employees.
“Responding to the crisis with extreme agility and ensuring business continuity for all was paramount and we are very proud of and humbled by the way all our people got together and ensured that we and our clients not only navigate the crisis well, but also emerge stronger from it. It is because of their efforts that even in such an extremely difficult year, we are on course to meet our goals and are optimistic about the year ahead. We are extremely happy to share this success with our people through this token of appreciation,” said Sanjeev Krishan, the newly elected India head of the firm who took over from Shyamal Mukherjee on January 1.
According to the Economic Times, PwC India will be giving all employees a bonus equivalent to two weeks’ pay, which will be included in their salary for March. So it looks like employees will get this one-time bump in their salary, plus still go through their usual appraisals and compensation discussions, which the firm said will follow the usual timelines.
At Deloitte, a source told the Economic Times that, “Partners, directors, and other senior executives have received one-time bonuses while those below managers have seen their salary revised.”
Deloitte employees will also have a second round of appraisals in June, the Economic Times reported.
Deloitte hands out special increments and bonuses [Economic Times]
PwC announces one time bonuses for all its 15,000 employees [Economic Times]
Let’s See How the Big 4 Firms In India Are Faring During the COVID-19 Pandemic
I’m a Manager from Deloitte and the “bonus” was peanuts, especially the India offices. This article while factually correct did not paint the true picture. The “bonus” as part of usual compensation cycle in Aug-2020 was greatly reduced and even taken together with what was handed out in Feb-2021, still only adds up to about 55% of the variable bonus on my offer letter. In contrast, I received 120% of the variable in Aug-2019. So the payouts for 2020 are neither normal not fairly handled out. Those who had quit out were threatening to leave the firm got a larger “bonus” while the rest got nothing.
Bonuses were like 1.5%….what would you call this ?
Comments are closed.