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<ul><li>The net profit of <keyword id="65866" type="General" weightage="20" keywordseo="irctc" source="Orion">IRCTC</keyword> grew nearly five-fold in the July-September quarter, while <keyword id="5030468" type="General" weightage="20" keywordseo="easemytrip" source="Orion">EaseMyTrip</keyword> recorded a 300% uptick.</li><li><keyword id="54613" type="General" weightage="20" keywordseo="makemytrip" source="Orion">MakeMyTrip</keyword> cut its loss to a third and its revenue touched $67 million in the last quarter.</li><li>The segment is expected to see a greater push as revenge travel grows and cases of COVID-19 continue to lay low.</li></ul>Indian Railways Catering and Tourism Corporation (IRCTC) as well as online ticketing platforms EaseMyTrip and MakeMyTrip have increased their net profit in the July to September quarter of 2021, which hints towards a strong recovery for the travel and hospitality sector that has been majorly impacted by the COVID-19 pandemic since March 2020. The net profit of IRCTC grew nearly five-fold compared to last year. Its revenue, on the other hand, grew four-fold in the same time frame. The company has further doubled its financial metrics compared to the April-June quarter of 2021 that was clouded by the second wave of COVID-19. <div type="image" title="The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India" msid="87506492" hostid="261"></div> EaseMyTrip — which is operated by Easy Trip Planners Limited — reported over 330% year-on-year increase in its consolidated net profit. The company’s revenue has grown another 164% year-on-year to ₹59.7 crore in the July-September quarter. <div type="image" title="The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India" msid="87506502" hostid="261"></div> “We have witnessed strong recovery in demand across our segments and are optimistic of the demand scenario going forward on the back of strong tailwinds in terms of revenge travel and recovery in the travel and tourism industry,” EaseMyTrip noted in its financial statement released on November 3. The company believes that India’s travel segment will witness a ‘U-shaped recovery’, with domestic travel taking a leap over international travel. The company’s share prices catapulted 5% post its financial performance. The shares of EaseMyTrip were trading at ₹531 at 11:35 a.m., on November 3. MakeMyTrip — which is the largest player in the online ticketing space — too reported a much stronger growth in the July to September quarter. The company’s revenue grew 219% year-on-year to $67 million (about ₹500 crore). Its loss was cut nearly by a third to $8 million (about ₹60 crore). <div type="image" title="The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India" msid="87506518" hostid="261"></div> MakeMyTrip and EaseMyTrip both witnessed a strong demand in air travel, which was a major contributor to its revenue. The company offers booking of air tickets, bus tickets, train tickets, hotels and holiday packages, among other services. IRCTC, on the other hand, provides ticketing, catering and tourism services for Indian Railways. “MakeMyTrip continued to lead and be instrumental in the recovery of travel in India as the country’s new daily reported COVID-19 infections have declined significantly since May 2021, aided by over one billion vaccine doses that have been administered so far. The results of the reported fiscal quarter clearly showcases the durable strength of its multiple brands, driven by its relentless focus on serving its customers with the best possible experience for their travel booking needs,” Deep Kalra, group executive chairperson of MakeMyTrip, said. Other players in the segment are Goibibo (owned by MakeMyTrip), Cleartrip (acquired by Flipkart), publicly traded Yatra, initial public offering (IPO)-bound ixigo and more. SEE ALSO <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-may-soon-allow-you-to-delete-messages-going-back-several-years/articleshow/87500597.cms" data-type="tilCustomLink">WhatsApp may soon allow you to delete messages going back several years</a> <a href="https://www.businessinsider.in/stock-market/news/data-analytics-firm-latent-view-analytics-ipo-to-open-on-november-9/articleshow/87501115.cms" data-type="tilCustomLink">Data analytics firm Latent View Analytics’ IPO to open on November 10</a> <a href="https://www.businessinsider.in/stock-market/news/policybazaar-ipo-today-is-the-last-day-to-subscribe/articleshow/87489212.cms" data-type="tilCustomLink">PolicyBazaar IPO — Today is the last day to subscribe, grey market premium at ₹150</a>

The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India

<ul><li>A survey by travel agency Agoda found wellness to be one of the top three motivations for Indians to travel in 2023. </li><li><keyword id="2808667" type="General" weightage="80" keywordseo="oyo" source="Orion">OYO</keyword> and EaseMyTrip shared that Gen Zs and millennials are pursuing spiritual pursuits, including trips to religious destinations. </li><li><keyword id="6357203" type="General" weightage="80" keywordseo="varanasi" source="Orion">Varanasi</keyword>, <keyword id="48458" type="General" weightage="20" keywordseo="Tirupati" source="Orion">Tirupati</keyword> and <keyword id="4903" type="General" weightage="20" keywordseo="Puri" source="Orion">Puri</keyword> were some of the favoured destinations as per data shared by four different travel organisations.</li></ul>The pandemic turned the world digital but also led to multifold physical and mental health issues. Consequently, digital detox and regeneration have become <a href="https://www.businessinsider.in/india/news/travel-trends-in-2023-digital-detox-regenerative-travel-and-inner-peace/articleshow/96281360.cms">increasingly</a> popular. In India, this has translated into an increased interest in spiritual and wellness tourism, including trips to religious destinations, according to travel agencies. And this interest has expanded to include GenZs and millennials. Travel agency Agoda conducted a survey and found wellness to be one of the top three motivations for Indians to travel in 2023. The survey was conducted with 10,000 travellers from across 12 countries, including India. As per Agoda, “Many (people) wish to embark on trips to recharge themselves, mentally and physically, with wellness contributing to the number two spot in the ‘reasons to travel’ ranking of Agoda’s Travel Trend survey. Countries with high inclination include India (20%), South Korea (24%), Singapore (25%) and Thailand (29%).” <cmsannotation type="cmsannotation" annotationid="Spiritual tourism no longer restricted to senior citizens" comment="subhead2" text="Spiritual tourism no longer restricted to senior citizens">Spiritual tourism no longer restricted to senior citizens</cmsannotation> For the longest time, religious destinations were considered to be low on the travel bucket list — especially for GenZs and millennials, but that appears to have changed. “With the need for spiritual connect taking priority, millennials and GenZs are setting new trends for the industry. With every passing day, spiritual and self-care travel are catching pace, and the demand is growing,” said OYO in its Cultural Travel 2022 Roundup Report. As per the travel agency EaseMyTrip, there has been a 60% increase from 2019 in people in general are opting for holy destinations or spiritual or wellness tour packages. And, women aged between 30-35 are leading the search. “We’ve observed a sharp surge of 60% in the number of tourists opting for spiritual and wellness retreat packages as compared with pre-Covid. These are closely linked with religious pilgrimages and the various festivals prevalent across the subcontinent,” said Rikant Pittie, co-founder, EaseMyTrip. “More than ever, travellers are looking within, and often they are seen clubbing this journey within - with a trip to wellness or a spiritual retreat. Tending towards slow and spiritual travel formats, travellers opt for wellness or therapeutic retreats that allow them to disconnect and rejuvenate from their busy schedules,” said a spokesperson for MakeMyTrip. <cmsannotation type="cmsannotation" annotationid="Top favourite destinations" comment="subhead2" text="Top favourite destinations">Top favourite destinations</cmsannotation> In light of the rising interest in spiritual destinations, certain places are definitely enjoying more interest than others. Varanasi, Tirupati and Puri were among the top destinations as per data shared by four travel organisations — Ixigo, EaseMyTrip, OYO and Kayak. “Cultural destinations like Varanasi saw more than 50% rise in bookings for travel last year on our train apps. Tirupati in Andhra Pradesh witnessed one of the highest comebacks and was the most-searched spiritual hub in 2022 recording a 200% increase in train search queries,” shared Rajnish Kumar, co-founder, Ixigo. The increased interest in these destinations is also boosted by pent-up demand for travel and the availability of better facilities like hotels and good connectivity to reach the destination, said OYO in a report that was released in December 2022. Rishikesh, famous among Indians and foreigners alike, is known for its ashrams and adventure sports like river rafting. At the same, it’s home to India’s premium hotels, like Ananda wellness resort and Taj Rishikesh. Similarly, popular religious destinations like Tirupati and Puri offer luxury accommodations — Marasa Sarovar in Tirupati or the Mayfair Heritage in Puri. Ixigo and OYO also listed Mathura, Mahabaleshwar and Madurai as emerging spiritual tourism destinations in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-is-going-to-be-a-huge-paid-market-spotify-india/articleshow/98442816.cms">India is going to be a huge paid market: Akshat Harbola, head of strategy, Spotify India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a>

Gen Zs & Millennials aid spiritual & wellness-driven tourism recovery in India

<ul><li>The company today said in a statement that it will acquire 100% shareholding of <keyword id="132652" type="COMPANY" weightage="20" keywordseo="Cleartrip">Cleartrip</keyword> and its operations.</li><li>Cleartrip was founded in 2006 by Hrush Bhatt, Matthew Spacie and Stuart Crighton.</li><li>After the acquisition, Cleartrip will continue to function as a separate entity and will retain all its employees.</li></ul>It’s official. Walmart-owned e-commerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is set to acquire Cleartrip, the online travel aggregator. The company today said in a statement that it will acquire 100% shareholding of Cleartrip and its operations. “The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers,” Kalyan Krishnamurthy, chief executive office of Flipkart Group said in a statement. Flipkart had indicated its interest in travel when it had first partnered with MakeMyTrip in 2018 and then switched to Ixigo. Cleartrip was founded in 2006 by Hrush Bhatt, Matthew Spacie and Stuart Crighton. After the acquisition, Cleartrip will continue to function as a separate entity and will retain all its employees. However, during the pandemic, Cleartrip had already laid off as many as <a href="https://economictimes.indiatimes.com/tech/funding/flipkart-likely-to-bag-cleartrip-for-40-million-in-distress-sale/articleshow/82050918.cms">500</a> employees. “Cleartrip has been a pioneer in capitalising on technology to simplify the travel experience for our customers. This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region. We are delighted to be part of the Flipkart family and are excited about the positive impact this collaboration can have for our customers and the travel industry in general,” Stuart Crighton, co-founder of Cleartrip, said in a statement. While the companies didn’t disclose any financial information regarding the deal, an <a href="https://economictimes.indiatimes.com/tech/funding/flipkart-likely-to-bag-cleartrip-for-40-million-in-distress-sale/articleshow/82050918.cms">ET report </a>from earlier had said that Flipkart could dole out as much as $40 million to acquire Cleartrip.

Flipkart acquires Cleartrip in an effort to cement its position in the travel booking segment

<ul><li>You can invest in <keyword id="48211" type="ORGANIZATION" weightage="20" keywordseo="US-stocks">US stocks</keyword> either through domestic brokers like Motilal Oswal, foreign brokers or through investment platforms like Groww, Upstox etc.</li><li>Very soon, NSE will offer investors to trade in 50 US stocks through GIFT city, an international financial services centre (IFSC).</li><li>Taxation on US stocks is simple as taxes are charged only on dividends and capital gains on the stock sale.</li></ul>Investment in US stocks like <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>, Netflix and Google seems an attractive option for retail investors in today’s time. In fact, with the growing number of investment platforms, it has become even more convenient to have an exposure in US stocks. For those who don’t know, there are two ways to invest in US stocks — one option is directly through a domestic broker like Motilal Oswal, HDFC Securities or through a foreign broker. And now you can even invest through apps like Groww. Another way through which one can have exposure to US stocks without putting much effort on stock selection is through mutual funds and exchange traded funds (ETFs). An ETF is a basket of securities, shares of which are sold on an exchange. Very soon, there will be a third option, as this week the NSE announced that it will offer investors to trade in 50 US stocks through GIFT city, an international financial services centre (IFSC). Now the main question is what tax would be imposed on your profits? It is very simple. There are two types of tax implications — tax on dividends and capital gains tax. Tax on dividends Similar to Indian stock market, when you invest in the US stock market you might receive dividends from companies. This is income for an investor, which would be taxed at 25%. So if a company announced a dividend of $100, you will receive $75. The tax rate is comparatively lower for Indians compared to other foreign investors investing in the US as there is a tax treaty between the US and India. However, the dividend received in cash or reinvested again will be taxed in India at your applicable tax slab. However, due to the double tax avoidance agreement (DTAA), the tax withheld in the US can be set off against the tax liability in India. Offsetting means balancing the money that you are owed with money that you owe. For example: You have received a $100 dividend from US stocks in FY21, out of which 25% gets taxed by the US tax department on dividend. This means you have a total $75 income. Now, you have to pay tax on a $100 dividend in India and say you come under a 30% tax slab. Now your tax liability in India is for ₹7,400 assuming dollar rate is ₹74. And remember you have already paid 25% tax in the US which is ₹1,850. So now since you have already paid ₹1,850 as tax in the US you can claim that amount and just pay ₹370. Capital Gains Tax Firstly, capital gain is the profit one earns on stocks. Secondly, there is an additional benefit in investing in the US as they do not charge capital gains tax on Indians. For example: If you had bought shares of $100 and sold them at $400 then you will not be charged tax on capital gains of $300. However, here’s the twist, you will be liable to pay tax on this gain in India. Here there are two types of tax — Long term capital gain and short term capital gain. Long Term Capital Gains (LTCG) LTCG of 20% is charged when you hold the stock for more than 24 months plus applicable fees and surcharges. Short Term Capital Gains (STCG) On the other hand, if you hold the stocks for less than 24 months then you will be charged tax according to your income tax slab. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ten-most-awaited-ipos-in-the-coming-months-in-india/slidelist/85241641.cms">Paytm, PolicyBazaar, MobiKwik, Nykaa and more -- Ten most awaited IPOs in the coming months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/makemytrip-fully-exits-travel-aggregator-ixigo-deep-kalra-to-resign-from-the-board/articleshow/85240387.cms">MakeMyTrip fully exits travel aggregator ixigo, Deep Kalra to resign from the board</a>

Looking to invest in Facebook, Amazon and Apple shares from India -- These are the taxes you may have to pay

New Delhi, May 2 () Internet companies like Urban Company, MakeMyTrip, Dunzo, HealthifyMe and Zomato are changing their social media handles and app icons to promote wearing face masks as a hygiene practice amid the COVID-19 pandemic. Apna Mask initiative -- an effort by StartUpVsCOVID (a startup community with over 1,000 members) -- is promoting homemade masks and aims to drive behavioural change to ensure that people wear masks and stay protected as they step out of their homes. The #ApnaDeshApnaMask campaign was kicked off by startup industry stalwarts like Rajan Anandan of Sequoia India, Paytm's Vijay Shekhar Sharma, Alok Mittal (Indifi), Vishal Gondal (GoQii) and others. They were later joined by celebrities like Vidya Balan, Dia Mirza, Juhi Chawla, Divya Khosla Kumar, Juhi Parmar, Deepshika Deshmukh, Sonu Sood, Shama Sikander, Preetika Rao and others. Within a span of two weeks, the initiative has garnered 100 million outreach across digital platforms, including WhatsApp, Twitter, Facebook and Instagram. The team working on the campaign also reached out to various organisations to support the initiative, especially as parts of the country get ready to come out of the lockdown which has been extended till May 17. "Urban Company, MakemyTrip, Dunzo, HealthifyMe, Zomato, Redbus, Ixigo, MoneyTap, MyUpchaar, Bounce, RazorPay, Medanta, WittyFeed, LBB, Porter, Meesho, Daily Hunt, 1mg, Paytm Games have changed their social media handles while some are changing the app icons as well," a statement said. These brands are also inviting more companies to join the initiative. "Given the immense response we have received, we will have more brands join #ApnaMask in this critical initiative. We believe some of these steps will be helpful in building habit changing behaviour towards wearing homemade masks," Poonam Kaul, co-founder of ApnaMask, said. In a separate statement, Crowdera -- an online fundraising platform -- said it is offering its premium syndicated fundraising technology solutions for free to companies and NGOs working to help the COVID-19 affected individuals, families and health workers. "Crowdera will be extending its support through offering its products and services worth almost USD 150,000 (Rs 1 crore) free to organisations aiding the affected...The solution will help corporations and NGOs to quickly syndicate with their own employees, influencers, other foundations, or charity partners to raise funds 10X more than through a regular crowdfunding campaign," it said. Under this pledge, Crowdera has already extended its support to companies like Rapido, Repos, BYJU'S, SirfTaxi, and Tartl to engage their employees and partners in fundraising for the COVID-affected workforce. SR ABMABM

Apps don face masks to promote healthy practices amid COVID-19

Cupertino, June 16 (IANS) Apple App Store facilitated $519 billion in commerce and sales globally in 2019 and more than 85 per cent of the $519 billion total accrues solely to third-party developers and businesses of all sizes, a new study by Apple has revealed. The new study, conducted by independent economists at Analysis Group, found that the highest value categories were mobile commerce (m-commerce) apps, digital goods and services apps, and in-app advertising. "The App Store is a place where innovators and dreamers can bring their ideas to life, and users can find safe and trusted tools to make their lives better," Apple CEO Tim Cook said in a statement late Monday. "In a challenging and unsettled time, the App Store provides enduring opportunities for entrepreneurship, health and well-being, education, and job creation, helping people adapt quickly to a changing world," he added. Of the $519 billion, the study found that sales from physical goods and services accounted for the largest share, at $413 billion. Within that category, m-commerce apps generated the vast majority of sales, and of those, retail was the largest, at $268 billion. "Retail apps include those that digitally represent brick-and-mortar stores such as Target and Best Buy, as well as virtual marketplaces that sell physical goods, such as Flipkart, Lenskart and Myntra but do not include grocery delivery, which is its own category," the findings showed. Travel apps, including Ixigo, Cleartrip and Makemytrip, accounted for $57 billion. Ride-hailing apps, including Ola Cabs, comprised $40 billion in sales, and food delivery apps, including Zomato, Swiggy and Freshmenu, made up $31 billion. Billings and sales from digital goods and services comprised $61 billion, and this category included apps for music and video streaming, fitness, education, ebooks and audiobooks, news and magazines, and dating services, among others. Games, the type of app most downloaded in 2019, was the largest generator of billings and sales within this category. In-app advertising sales accounted for $45 billion, and of that, 44 per cent was derived from games. Non-gaming apps that generate substantial in-app advertising sales are often free to download and use, such as Twitter and Pinterest, though others also offer in-app purchases to access content, such as The New York Times. Launched in 2008, App Store is currently home to almost 2 million apps and visited by half a billion people each week across 175 countries. "We're committed to doing even more to support and nurture the global App Store community  from one-developer shops in nearly every country to businesses that employ thousands of workers  as it continues to foster innovation, create jobs, and propel economic growth for the future," said Cook. According to the study, the direct payments made to developers from Apple are only a fraction of the vast total when sales from other sources, such as physical goods and services, are calculated. Apple only receives a commission from the billings associated with digital goods and services. --IANS na/

Apple App Store drives $519bn in sales in 2019, mobile commerce leads

<ul><li>The Supreme Court, on June 12, diluted the government’s order that mandated companies to pay wages to employees without deductions during the <keyword id="8637077" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-lockdown">coronavirus lockdown</keyword>. </li><li>The employer and the employees should ‘negotiate’ to resolve the matter, the court said. </li><li>This has stirred a debate on how the law protects the employers more than the employees. </li></ul>In a major development, the Supreme Court, on June 12, diluted the government’s order that mandated companies to <a href="https://www.livelaw.in/know-the-law/21-notable-judgments-delivered-by-courts-during-covid-19-lockdown-157947?infinitescroll=1">pay wages to employees without deductions</a> during the coronavirus lockdown. And that has turned the order in favour of the employers — at least for now. The apex court said that the government should not take any coercive steps against those private companies who haven’t paid their employees. In fact, the employer and the employees should ‘negotiate’ to resolve the matter, the court said. However, the next hearing is scheduled for end of July. SC order gives a ‘bargaining power’ to employers This has stirred a debate on how the law protects the employers more than the employees. “This is a classic case of judicial evasion. The court refrained from answering the legal question before it, but its refusal to answer created a status quo where one party benefitted at the expense of the other,” <a href="https://www.livelaw.in/columns/coronavirus-and-the-constitution-xxxii-payment-of-wages-and-judicial-evasion-in-a-pandemic-158293?infinitescroll=1">said</a> <keyword id="318837" type="PERSON" weightage="20" keywordseo="Gautam-Bhatia">Gautam Bhatia</keyword>, who has published nearly 20 scholarly papers. According to Anshul Prakash, partner at a corporate law company Khaitan &amp; Co, “since no coercive action can be taken against the private companies, they have a good bargaining power to enter into negotiation for <keyword id="4051159" type="PERSON" weightage="20" keywordseo="payment-of-wages">payment of wages</keyword> at a reduced rate for the lockdown period and settle disputes.” However, in that case, the companies should obtain a ‘no claim letter’ from the workers pursuant to making such payment, added Prakash. Despite the orders… Many companies have already implemented pay cuts and laid off staff. A recent survey of CEOs, that included over 50 Indian startups, shows that <a href="https://qz.com/india/1830676/salary-cuts-arrive-at-indian-startups-amid-the-coronavirus-slump/">one in four startups in India already announced pay cuts</a>. And, a third of them are considering doing so. Goibibo and redBus also slashed employee salaries. There is an extent to which industry can fund unemployment insurance On the other hand, though a few organisations can safeguard their employees from bearing the brunt of the pandemic they will not be able to take the hit for a long time since there is uncertainty around Covid-19 and its possible impact. According to a recent <a href="https://telecom.economictimes.indiatimes.com/news/50000-bsnl-contract-workers-remain-unpaid-for-a-year/76353325">ET report</a>, nearly 50,000 contract employees at Bharat Sanchar Nigam Limited (BSNL) were left unpaid despite the government order on payment of wages. Meanwhile, startups like Droom Swiggy, Zomato, MakeMyTrip (MMT), ixigo axed jobs too amid the lockdown. “Some organisations can give away the salaries if they have deeper pockets. However the question is, for how long and are they willing? There is an extent to which industry can fund unemployment insurance. In the long run, organisations cannot afford to bear the burden of unemployment insurance fully,” Rituparna Chakraborty, Co-founder of TeamLease Services told Business Insider in an earlier interview. See also: <a href="https://www.businessinsider.in/business/startups/news/reliance-backed-fynd-turns-your-screen-into-a-mirror-and-lets-you-try-make-up-products-virtually-before-buying-them/articleshow/76382060.cms">Reliance-backed Fynd turns your screen into a mirror and lets you try make-up products virtually before buying them</a> <a href="https://www.businessinsider.in/careers/news/tech-mahindra-intel-wipro-and-other-multinationals-hiring-engineers/articleshow/76379519.cms">Tech Mahindra, Intel, Wipro and other multinationals hiring engineers</a> <a href="https://www.businessinsider.in/business/startups/news/these-three-indian-startups-feature-in-the-50-global-future-unicorns-list/articleshow/76379083.cms">These three Indian startups feature in the 50 global future unicorns list</a>

Legal experts argue that Supreme Court is protecting employers and not unpaid employees

<ul><li>The Indian government mandated that commercial establishments must pay wages without deductions. </li><li>However, several companies already implemented pay cuts to keep up with operational costs. </li><li><keyword id="277037" type="PERSON" weightage="20" keywordseo="Rituparna-Chakraborty">Rituparna Chakraborty</keyword>, EVP &amp; co-founder at <keyword id="6381892" type="COMPANY" weightage="20" keywordseo="TeamLease-Services">TeamLease Services</keyword> told Business Insider that in all possibilities, “the senior officials shall bear more of the brunt than others”. </li><li>There is an extent to which industry can fund unemployment insurance, she said.</li></ul>The Indian government mandated that all commercial establishments must pay wages without deductions. However, several companies already implemented pay cuts to keep up with operational costs when businesses are closed. As per directives of the<a href="https://mha.gov.in/sites/default/files/MHA%20Order%20restricting%20movement%20of%20migrants%20and%20strict%20enforement%20of%20lockdown%20measures%20-%2029.03.2020.pdf"> Ministry of Home Affairs (MHA)</a>, “all the employees, be it in the industry or in the shops and commercial establishments, shall make payment of wages, on the due date, without any deduction, for the period their establishments are under closure during the lockdown.” ‘Senior officials will possibly bear the brunt of salary cuts’ But the reality is far from that. A recent survey of CEOs, that included over 50 Indian startups, shows that <a href="https://qz.com/india/1830676/salary-cuts-arrive-at-indian-startups-amid-the-coronavirus-slump/">one in four startups in India already announced pay cuts</a>. And, a third of them are considering doing so. Goibibo and redBus also slashed employee salaries. Rituparna Chakraborty, EVP &amp; co-founder at TeamLease Services says that organisations will implement a ‘balanced approach’ while deciding on who will get impacted by the move to cut wages. “In all possibilities, the senior officials shall bear more of the brunt than others,” she said. Meanwhile, startups like Droom, MakeMyTrip (MMT), ixigo axed jobs too amid the lockdown. Founder Deep Kalra also <a href="https://www.businesstoday.in/current/corporate/startups-cut-jobs-salaries-as-coronavirus-impact-businesses/story/399971.html">told</a> Business Today that pay cuts would happen across top and managerial levels at MMT. Travel, tourism, aviation and hospitality are likely to be worst hit. On the other hand, airlines, which are the worst hit due to the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> pandemic, have trimmed employee salaries by up to 30% -- including their chairmen. However a few large groups like Tatas announced that all their working - including contractual employees - will be paid in full. Can the government really intervene? Chakraborty said that the government policies under the Industrial Disputes Act 1947 covers employees (and apprentices) working at salaries less than ₹15,000 per month. It however excludes those employed mainly in a managerial or administrative capacity. Considering that, “the scope of payment of wages shall extend to regular, casual and contractual workers. To that extent, the government has authority to intervene in employment practiced by the private firms. However any action taken by the private firms which is in line with the provisions available to them -- the necessary authorities cannot intervene,” Chakraborty explained. In most cases, lowest paid employees have been shielded from pay cuts. Do businesses have other options? A few organisations can safeguard their employees from bearing the brunt of the pandemic. But even those which can, will not be able to take the hit for a long time. Since there is uncertainty around Covid-19 and its possible impact, more pay cuts and job cuts are in the offing. “Some organisations can give away the salaries if they have deeper pockets. However the question is, for how long and are they willing? There is an extent to which industry can fund unemployment insurance. In the long run, organisations cannot afford to bear the burden of unemployment insurance fully,” Chakraborty added. The nationwide lockdown has already taken a toll on government and private companies alike. If it continues, cash conservation will be a top concern for organisations. “If India's is unable to flatten the curve of the spreading the disease it is a possible eventuality that companies will cut salaries further. However, organisations would do their best to avoid it till it becomes absolutely imperative,” says Chakraborty. Even <a href="https://www.businessinsider.in/india/news/after-telangana-maharashtra-announces-60-pay-cut-for-government-employees/articleshow/74912477.cms">state government employees have had to forfeit salaries</a> in view of the pandemic. On April 9, Maharashtra government said that it will cut salaries of all its MLAs by 30% for the entire year, starting this month. Earlier, Telangana, Andhra Pradesh and Rajasthan have announced deferment of payment of full salaries to the chief minister, officers and other state employees, owing to the falling revenues and increased costs of healthcare. See also: <a href="https://www.businessinsider.in/politics/india/news/maharashtra-to-cut-salaries-of-all-its-mlas-by-30-for-the-entire-year/articleshow/75064785.cms">Maharashtra to cut salaries of all its MLAs by 30% for the entire year</a> <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-to-take-a-100-pay-cut-oyo-sets-up-a-welfare-fund-for-coronavirus-hit-hotel-partners/articleshow/74950054.cms">Ritesh Agarwal to take a 100% pay cut, OYO sets up a welfare fund for Corona-hit hotel partners</a>

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