If media reports are to be believed, employees at Airtel and Vodafone Idea (VIL) have been granted pay hikes in the range of seven to eight per cent. That Is not all, in their bid to retain and attract ace talent, telecom companies have been giving bonuses of up to 110 per cent. The increments are, however, much lower than expected. A hike in the range of 11 to 12 per cent was expected, but given the fact that telecom firms are recovering from the adverse effects of pandemic at a rather slow rate, this is not surprising either.
Airtel has granted bonuses of up to 110 per cent to its top performers, while VIL has granted bonuses of up to 100 per cent.
No such announcement has been made by Reliance Jio yet.
The last fiscal was rather challenging for telecom firms, with most suffering losses. With slow recovery, they are a long way from reaching pre-pandemic levels.
While VIL posted a consolidated loss of Rs 29,000 crore for the financial year that ended on 31 March, 2023, Airtel posted a consolidated revenue loss of more than Rs 5,000 crore for the quarter ended 31 March, 2023.
Given the multiple businesses that Airtel has forayed into, its losses were not as high as that of VIL.