Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • Rising Star Leadership Awards
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»Economy»Nasscom suggests relief measures for hard-hit IT startups and SME sector
    Economy

    Nasscom suggests relief measures for hard-hit IT startups and SME sector

    HRK News BureauBy HRK News BureauMarch 30, 2020Updated:March 30, 20202 Mins Read1689 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    The current pandemic has threatened to disrupt businesses and organisations are worried about continuity and timely payment of salaries. This will particularly affect the startups in India, as they will struggle with delays in project deadlines, and business costs.

    The incoming problems that these small and medium enterprises may possibly face in the upcoming months are that of liquidity crunch, adherence to deadlines, such as tax payment/filing, and payment of monthly salaries to employees.

    To counter the above problems, the IT industry body, NASSCOM, has suggested few relief measures that the Government can take to help these organisations tide over the business disruption and losses they are facing.

    The measures include provision of rental subsidy for workspaces used by these startups, which are managed by government agencies; extension of tax-payment deadlines and temporary refund of GST collected. Moreover, NASSCOM has requested a blanket suspension on deadlines for payment and filing of taxes for four weeks past lifting of the lockdown.

    Timely payment of salaries and yearly increments are also at stake, considering the state of business at the moment. To help navigate this scenario, NASSCOM has suggested banks should provide an interest-free overdraft facility, which will cover the salaries of employees for a period of three months.

    To overcome the increment hurdle, NASSCOM suggests a one-time PF opt-out option for employees to be provided for the next financial year, so that PF collected from both employer and employee can be transferred directly into the accounts of the employees, thus enabling them to take home a higher pay. This move will be particularly beneficial for the junior- or lower-level employees, who will be the worst hit due to business slowdown.

    In addition, the pandemic has hit an already stressed out SME sector. Nasscom has said that all pending invoice receivables and payments should be disbursed with immediate effect, as a relief measure.

    Business IT NASSCOM pandemic StartUp
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    Leave A Reply Cancel Reply

    5 × three =

    Related Posts

    Pidilite Industries partners with 600+ ITIs to skill Indian youth

    July 16, 2025

    Swiggy unveils 150 crore ESOP plan for employees

    July 15, 2025

    Reddit post on denied lunch break sparks outrage

    July 15, 2025

    HCLTech sees lower attrition; plans hiring spree

    July 15, 2025

    QUICK HR INSIGHTS

    EDITOR'S PICKS

    Mahindra Holidays turns to local communities for talent as India’s hospitality schools empty out

    July 15, 2025

    Why ‘Centres of Excellence’ can hollow out the very culture they’re meant to strengthen

    July 14, 2025

    How a thumbs-up became a generational minefield

    July 11, 2025

    Why HR must unite hiring and development to survive

    July 10, 2025
    Latest Post

    Gaurav Singh takes on chief people and culture officer role at Centricity WealthTech

    Movement July 16, 2025

    Congratulations Gaurav Singh, for taking on the role of chief people and culture officer, Centricity…

    Pidilite Industries partners with 600+ ITIs to skill Indian youth

    Learning & Development July 16, 2025

    Pidilite—the adhesives, sealants, art materials, and construction chemicals manufacturing company— has trained over one lakh…

    Hemant Rupani of Mondelez International will now be CEO, Hindustan Coca-Cola Beverages

    Movement July 16, 2025

    Come September 8 and Hemant Rupani will take on the role of CEO, Hindustan Coca-Cola…

    Russia to recruit 1 million skilled Indian workers by 2025

    Global HR News July 15, 2025

    Russia has announced plans to hire up to one million skilled professionals from India by…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.