IDBI Federal Life Insurance retains PF contribution, go for appraisals and increments
On one side there are organizations who are reducing the employees numbers by handing over pink slips, introducing pay cuts, deferring promotions and increments, freezing salaries to control costs, other side of organizations are those who believe that these were testing times for employers and continue with honouring job offers, doing appraisals, making no salary cuts, no terminations. To name few are HCL, Asian paints, JK cement and list is quite long, Latest one to add in this is IDBI Federal life insurance who have resumed its appraisal cycle and making provisions for salary increases., according to media reports.
Notwithstanding the lockdown impositions, Vighnesh Shahane, MD & CEO, IDBI Federal Life Insurance, comments, “We were determined to ensure that our appraisal process was completed as per the timelines. As done every year, we launched our process at the end of March and announced the rewards by the middle of May.” Speaking more on the topic, Shahane adds, “We have created a work culture that fosters openness and transparency, promotes meritocracy, and limits politics and bureaucracy. We trust our employees to focus on their goals and do what is necessary to achieve them.”
Even on the day lockdown was imposed, Co. decided to transfer salaries of employees immediately to ensure that they do not face any crisis during lockdown,said Kapil Udaiwal, chief people officer.
While doing appraisals, all discussions were conducted digitally as per the mutual convenience of the managers and their repartees, while the methodology remained the same.
Though Govt. announced the reduction in PF contribution for three months from 12% to 10 %, company decided to maintain the earlier 12% and not to reduce the contribution.
In addition to this, the company also provided provisions of promotion to 15% of the total employees to maintain high morale of employees.