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LATEST NEWS UPDATES | How come companies have money for PM Cares fund, but not for their staff? -Vivek Kaul

How come companies have money for PM Cares fund, but not for their staff? -Vivek Kaul

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published Published on May 4, 2020   modified Modified on Jun 16, 2020

-Newslaundry.com

Any company in India wanting to do business without being disturbed needs to be in the good books of the government.

In the post-Covid world, companies are looking to cut costs in order to survive. They have been doing so in various ways. Some of the popular ways in the Indian context are:

1) Cutting salaries of employees.

2) Putting any fresh recruitment on hold.

3) Putting increments on hold.

4) Putting variable payouts on hold.

5) Postponing vendor payments.

6) Postponing payments to contract workers and casual labourers.

7) Firing employees.

Of course, employees, contract workers and vendors dealing with companies have had to face the brunt of such moves and haven’t liked it one bit. Questions have been raised about how it is that a company does not even have the capacity to survive for even a few months without business.

The fact of the matter is that many companies are tight on cash. In fact, the ratings agency Crisil pointed out in a recent report that around 70 percent of 40,000 companies have cash to cover employee costs only for two quarters.

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Newslaundry.com, 4 May, 2020, https://www.newslaundry.com/2020/05/04/how-come-companies-have-money-for-pm-cares-fund-but-not-for-their-staff?fbclid=IwAR1736s4tz2rW5EotNacV1LYm_gxX9aIVaCBgJOjqS-g5DUvDqzIiQda4vM


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