PwC delivers one time bonuses for all its India Executives
PwC India, one of the big four firms, on Thursday announced a one-time bonuses for all its employees. The firm states that the bonuses will be paid to its 15,000 India executives.
Sanjeev Krishan, Chairman, PwC India states, “The past one year has been one of the most challenging and disruptive years for business, not only for us but also our clients. It called for an organisational and workplace overhaul that none of us anticipated.”
This statement comes about a year after the firm had taken measures to conserve working capital amidst Covid pandemic situations. Last year on March the firm had postponed promotions, increments and bonuses of India employees.
Krishan, the newly elected India head of the firm who took over from Shyamal Mukherjee on January 1, states, “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 are 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.”
PwC became the second large firm to bring out bonus. Few days back Deloitte India, had announced bonuses and special increments over and above normal salary jumps in March, indicating a bounce back in demand for advisory services as the economy continues to recover from the Covid-19 disruption.
The firm states, “PwC India will be providing a bonus equivalent to 2 weeks’ pay, to all employees who will be included in the salary for March 2021. This one-time pay-out will be independent of the firm’s usual appraisal and increment cycle, which is set to follow previous timelines.”
Krishan added, “We are not only grateful to our people but also their families for being the strong support system that enabled our people to do their work well. We thank them for being a part of the extended PwC family.”
At the start of the pandemic last year the large consultancy firms were rapid to anticipate the cash flow issues and had been holding back salary jumps. In some cases some of the large firms had also reduced salaries for senior executives.