With the market slowly recovering from the effects of the Covid-19 pandemic, carmakers in India are concluding their increment and promotion cycle, which had coincided with the lockdown.
Toyota has raised the wages of non-unionised workers. In addition to Honda and Renault, Toyota has given pay hikes of 4-14%, depending on the base salary and position.
Hyundai has also increased the salary of its factory workers and is said to be in the process of deciding on increments to office executives. Maruti Suzuki, Ford, Skoda Volkswagen and MG are also likely to announce incentives and bonus.
Unlike most carmakers, Mahindra is not handing out increments to its workers. But, the company has decided to go ahead with promotions and payment of performance pay as usual.
According to the Society of Indian Automobile Manufacturers (SIAM), no vehicle manufacturer has sacked anyone from the permanent workforce. Carmakers had also assured their employees of no salary cuts.
Source: Read Full Article