This Indian paint manufacturer is boosting salaries amid the Covid-19 crisis:
Asian Paints’ newly appointed chief executive officer, Amit Syngle, who took charge on April 1, mentioned the salary increase last week, when the, an Indian newspaper, asked about what Asian Paints was doing for its employees during the coronavirus crisis. “I see this as a big opportunity to step in and interact with every single employee and assuage their concerns in an uncertain marketplace,” he .
“I would also like to see employers building commitment and belongingness in addition to launching other measures relating to physical well-being, mental well-being and the provision of counseling platforms,” Banaji adds. “Those are the kind of qualitative parameters that all companies should be looking at.”
In addition to launching a helpline for contractors, Asian Paints transferred a combined $5.3 million into their bank accounts as a one-off payment. It has also donated $5 million to Indian Prime Minister Narendra Modi’s After a six-week hiatus, Asian Paints partially reopened its eight Indian factories in early May.
The raise and concessions come at a time when the paint maker is seeing a significant hit to its business due to the coronavirus pandemic as construction and home renovations came to a grinding halt with the lockdown. Goldman Sachs recently downgraded the company to a “sell” recommendation from “neutral.” So far this year, shares of Asian Paints are down about 15%.
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