The condition of the automobile sector was bad during the Corona period and before that but now is a good time for the automobile sector. However, the automobile sector is facing some hurdles in meeting the demands of its customers. This means that a lot of people have to wait as the cars that are currently being produced are also being sold. This is a good opportunity for companies that make cars and parts. As a result, companies are reversing the decision to reduce the salaries of their employees and are also offering increments.
Many companies decided to cut salaries starting the financial year 2020-21. Corona caused auto companies to lose business. Auto sales were down 75 percent in April-June due to the lockdown imposed by Corona. Also, the July-September quarter saw a strong recovery in auto sales. Automobile companies then began awarding their employees with salaries and increments.
What is the status in Hyundai?
The company said no one’s salary was cut at any level, while people’s salaries were increased during the month of August.
Learn about Bajaj Auto
Two-wheeler maker Bajaj Auto stopped staff promotions because of Corona. The company said Corona did not cut anyone’s salary. Those whose promotions were avoided were later given promotions with increments. Apart from this, if we talk about a company, Delhi-based tire maker JK Tire has also stopped cutting salaries and everyone is getting full pay.