The double-digit pay increase in fiscal 2021 compares with a 3% rise in FY20 when the nationwide lockdown had affected the last ten days of the fiscal year and the wallets of CEOs as many boards decided to freeze or cut the bonus and variable pay, thus taking away a large chunk from the salary of top executives.
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Commenting on the revised offer, Maleka said the government needed to go back to the drawing board.
“This offer is a far cry from the demands tabled by the PSA. Employees are struggling to make ends meet the rising costs of basic needs and the effects of the pandemic. Frontline workers are still expected to continue to perform their duties under hazardous conditions despite not having received a salary increase for last year. The PSA is calling on the employer to seriously consider the offer on the table and come up with serious proposals to break the deadlock,” he said.
As the economy moves to a recovery path after a sharp decline last year amid the pandemic, a study has shown that 59% of companies in India are intending to give salary increments to their employees in 2021.