PwC India defers appraisals and promotions, freezes hiring and partners to take a 25% pay cut – but jobs are safe

• In a LinkedIn post PwC India head Shyamal Mukherjee said that the company is taking interim measures in light of Covid-19.
• This includes “deferment of promotions, increments and bonus till a point in time one gets certainty around business”.
• Sources also say that PwC India announced a complete hiring freeze while its partners will take a 25% pay cut. But it won’t cut any jobs.

The impact of the coronavirus pandemic on people’s jobs has begun. One of the Big 4 accounting firms – PwC India is deferring all appraisals, promotions and increments of its employees.

In a LinkedIn post PwC India head Shyamal Mukherjee said that the company is taking interim measures in light of Covid-19 which includes “deferment of promotions, increments and bonus till a point in time one gets certainty around business.”

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According to sources, PwC India also announced a complete hiring freeze while its partners take a 25% pay cut.

The firm has paid March salaries will be paid on time, but April salaries could be delayed as a call will be taken when cash positions of the company are better.

However, the company has said it won’t cut jobs.

Business Insider has sent an email to PwC with queries but hasn’t got a response yet.

With the coronavirus pandemic, fear of whether people will be able to keep their jobs has set in. GoAir has cut salaries of all of its employees as the lockdown has seen the suspension of all flights.

Meanwhile, another tech major Cognizant has said that it will give two-thirds of its employees 25% of their base salary as additional payment to help them deal with the crisis situation.

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