Vodafone Idea (Vi), the telecom giant has been sustaining losses for a few of years now, and has also experienced attrition, with many of its key people having left. Therefore, in an attempt to keep its staff, it is giving a month’s salary extra to all employees along with their November 2020 salary.
It is reported that Vi’s pending adjusted gross revenue (AGR) runs into more than Rs 50,000 crores, payable over 10 instalments through March 31, 2031. However, the leadership appears to be confident of being able to raise about Rs 25,000 crores soon.
The additional compensation — which is in response to multiple exits of employees at both lower and senior levels in recent times — is being granted on the condition that the employees remain with the Company till March 31, 2021. Non-compliance will result in the amount being deducted from their final settlement.
The Company is trying its best to overcome losses by hiking prices, and is gearing up to bolster its 4G network. This ex-gratia payment comes at a time when the Company is trying to clear its backlog of adjusted gross revenue (AGR) dues and reeling under the effect of several key exits from its senior management. In addition, there is stiff competition from Reliance Jio and Bharti Airtel to handle.
Avneesh Khosla has been elevated from his former position as the director of marketing to chief marketing officer.
