Asian Paints Increases Salaries of Employees During Lockdown
Amidst the crumbling economy, Asian Paints is one of the largest paint manufacturers in Asia has announced a salary raise to its employees for the year 2021. Watch our latest video for all the updates
Salary cuts, furloughs and layoffs have become common in companies around the world. But one company in India is doing the opposite. Asian Paints is one of the largest paint manufacturers in Asia and has its headquarters in Mumbai. Due to the coronavirus pandemic, construction and home renovations have come to a halt with the lockdown. The business of Asian Paints is down and also the shares rate is down by 15 %. Asian Paints surprised its 6,500 employees. They announced a salary raise for the year 2021. This was done to boost the morale of the staff. The company has not informed the percentage of the raise and the overall cost.
Asian Paints have also started a new helpline number for the staff to answer any doubts regarding the pandemic as the employees mostly were working from home for a few weeks. It has also donated $5 million to Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM Cares Fund) and other chief ministers’ funds.Asian Paints’ new Chief Executive Officer (CEO), Amit Syngle took charge on 1st April 2020. He said, “I see this as a big opportunity to step in and interact with every single employee and lessen their concerns in an uncertain market. We are not in the hire and fire business and as a mature brand have reassured the employees that we all are together in this.”
Human resources expert Visty Banaji, praised this idea and said, monetary incentives are important to keep people motivated. In the first week of May, after six-weeks of lockdown, Asian Paints partially reopened its eight Indian factories. It also announced that it had started manufacturing hand sanitizers and surface sanitizers with a new brand called Viroprotek. Asian Paints is also providing a lot of concessions to its 70,000 dealers in India. It has offered a 45-day extension for all payments of dues, free sanitization for the dealers’ paint stores and free medical insurance for salesmen and painters.
