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Coronavirus hits salary increments this fiscal
Companies doled out an average salary increment of 3.6 per cent in the current fiscal compared to 8.6 per cent in the previous financial year amid the coronavirus pandemic, according to a survey
New Delhi: Companies doled out an average salary increment of 3.6 per cent in the current fiscal compared to 8.6 per cent in the previous financial year amid the coronavirus pandemic, according to a survey.
The survey by leading consultancy Deloitte Touche Tohmatsu India LLP showed that timing and potential impact of Covid-19 were the two most important factors that affected increments in 2020-21.
"Organisations that had already decided their increments before the start of the lockdown in March 2020 have given a higher increment compared with others. Moreover, organisations expecting a decline of more than 20 per cent in revenue in FY2020-21 due to Covid-19 have given much lower increments," the survey released on Monday said.