Salary hikes for staff in auto sector, business improving

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In terms of SUV sales, the Hyundai Motor Group ranked number one in 2020, followed by Kia. Little surprise then that the former gave increments to its employees in August 2020. The Company did not cut the salaries for any of its employees, irrespective of role. After a drop in sales in the beginning of 2020, the Company’s sales grew by 10 per cent in the September to December period.

Meanwhile, Ceat is all set to expand to fulfil increased demands and cover shortage in supply. Not only did the staff get hikes in December, it also spent on hiring more people, leading to a 12 per cent increase in employee cost, that is, by Rs 20 crore in the December quarter.

While the senior managers at JK Tyre had taken voluntary salary cuts of 15 to 25 per cent at the time of the lockdown in 2020, the cuts were reversed in due course. Not only have salaries been restored, the employees are being given increments.

Things are making a turn for the better at Bajaj Auto too. While promotions were put aside temporarily due to the pandemic-induced slump, the employees did not have to take pay cuts. The Company has decided to go ahead with the bonus and increments in April, as is the norm. While there was a huge dip in sales and exports initially, there was a nine per cent improvement in sales in October-December, resulting in a sale of 1.3 million units.

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