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HomeCURRENT AFFAIRSBUSINESSFlipkart: 5000 senior staff to not get any pay hike; global recession...

Flipkart: 5000 senior staff to not get any pay hike; global recession blamed

Through an email Walmart owned company Flipkart announced that those employees who are at Grade 10 will not get any pay hikes. Flipkart annual appraisal have been completed and are due to get started from April 1. People in the know of developments have stated that bonus payments stock options are on track as planned for the employees of Flipkart.

Flipkart decides to restrict annual increment to 70 % of its employees

“Given the current macroeconomic situation, we want to be prudent in managing our resources while keeping our employees’ best interests in mind.

Flipkart has also stated that 70 percent of their employees will continue to get an increase in compensation and Flipkart stated in an announcement,

“Additionally, our stock option allocation and bonus exercise will continue as is for those who are eligible. We stay committed to enhancing value for all our employees through employee-centric policies, continued skilling and training programs, regular promotion cycles, wealth creation for ESOP holders, and enhanced benefits, including medical insurance,”

Also Read: Canada’s Deputy PM Chrystia Freeland to visit India for G20 finance ministers’ meeting this week

Flipkart to buy stock options worth $ 700 million

As per Media reports Flipkart will buy employee stock options worth $ 700 million from employees as part of its move to separate full ownership of payments and financial services Unicorn PhonePe. Flip kart looks forward to hire and retain talent when most startups are laying off staff.

Massive payout is expected to take place in next few months after the documentation and paperwork between Flipkart and PhoenPe is completed. In the quarter ending January (Q4) , the international business of Walmart dropped 72 percent in constant currency terms to $ 300 million, primarily on account of recalibration and reorganization of Flipkart and PhonePe as a separate business.

Walmart officials have revealed that Flipkart massively contributes to large portion of Walmart’s international e-commerce sales. Further informed that Indian e-commerce marketplace is benefiting from investments made in the last three years and on account of strong economic prospects of India

It has been a season for retrenchments tech giants and Unicorns such as Amazon, Google, Byju, Sharechat , Swiggy, Zomato have laid off employees in bid to restructure their business and adopt cost cutting measures

Also Read: Jailed Conman Sukesh Chandrashekhar in Tears, Gucci Slippers and Designer Jeans Worth Lakhs Confiscated in Prison Raid, report

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