Coronavirus Outbreak has given life to several crises, and we are in a state of lockdown. Though the overall situation is quite depressing, it gets worse when you know about the largest software house announcing pay layoffs. Yes, I am talking about the NetSol technologies which not only reduced employees salaries by 20-30 percent but also laid off several employees. Though the salaries of March remained un changes, staff will get less salary from next month.
NetSol Announces 30% Pay Cuts Amid Coronavirus Outbreak
This decision was taken due to the Coronavirus crisis. The email that circulated to staff read as:
“In order for the company to stay relevant, the management has decided to reduce the company’s expenses, effective from 1st of April, 2020. It will be implementing a pay cut on employees making more than Rs150,000. A very limited number of resources making less than Rs150,000 might get a salary cut as well.”
Though it is sad but the good this is that the company took reduced the salaries of high paid employees while the employees having less wages were not disturbed.
The email also revealed that the managerial team from different regions have also ensured a salary cut as well. The company also asked for ideas to reduce the cost without impacting the delivery capabilities.
Employees are not happy with this decision as having said that if they have reduced their salaries, they should also reduce the working hours.
The only thing that disturbs me is that if the largest software company has to take such measures in crisis, how will smaller private companies survive?