NetSol Technologies, Pakistan’s largest software house, has announced a 20-30pc cut in salaries across the board and has laid off several employees.
According to a media report, the decision was taken to reduce costs in the wake of coronavirus crisis.
“In order for the company to stay relevant, the management has decided to reduce the company’s expenses, effective from 1st of April, 2020. It will be implementing a pay cut on employees making more than Rs150,000. A very limited number of resources making less than Rs150,000 might get a salary cut as well,” stated the company in an internal email sent to employees.
However, salaries for the month of March would remain unchanged.
The email also noted that the senior management team, across all the regions, had already indured a large pay cut and has asked each division on what can be done to reduce the costs with minimal impact on delivery capabilities.
Meanwhile, employees believe that if the company is going for a pay cut, it should also reduce their working hours by 20 to 30pc.
According to a company’s internal document, COVID-19 has completely inhibited NetSol’s ability to win any kind of new business in the near to mid-term and the effect would be evident in the upcoming third and fourth quarters.
So Keep truckin just fired 350 employee, now netsol doing 100s of it. Where this wave is taking Pakistan now…
What about vendors/partners/drivers/delivery guys of Careem/Bykea/Foodpandi.
Seems Logistics/ retail/ IT/ manufacturing are hard hit now.
Sood khor bankers are protected
you are surely right one sector always get benefits that is only sood khor sector
Very bad
Banks are the ones keeping the economy breathing under these testing times as the informal sector has totally shut down. Why did you not highlight the exorbitant pays these IT professionals were getting after only a year or two of work (PKR 100K) and getting jobs outside of Pakistan with a work experience of only 2 years or so? Please do note that there are also major layoffs around the corner for the bankers as well, who have been under the radar since the 2008 financial crises. Moreover banking is not a preferred job for most of the bright & talented graduates from top business schools any more. Instead these prefer start ups and IT companies such as truckin, careem, etc.
harsh reality for private sector. we karachites are also biten by racist ppp since 50 year on basis of quota system. sindhudeshi government sector harramkhour are save while katachites more suffer
[…] NetSol Technologies, a NASDAQ listed software company has decided to layoff several employees. Beside the layoffs, company has also decided 20-30% reduction in the salaries of its remaining employees. The company said the following in an internal e mail send to its employees and reported in Pakistan media: […]
While many companies are on the verge of cutting their expenses and firing people due to COVID-19, CyberVision again took the lead in this aspect as well by applying an in house policy of collaborative benefit in which no staff/resource will be fired because of COVID19 or pandemic.
One of the most pathetic and hypocrite management can be found in NETSOL. If I am allowed to be precise, there isn’t any management at all except a bunch of people calling themselves CEO, CFO, COO, HOD, etc. Cutting wages in the wake of Covid-19 was the need of the time but what about the working hours? NETSOL has increased the working hours of each core employee to additional 6 hours (unofficially). If there isn’t any new business, why the employees are working 12 to 15 hours daily, and on what?
[…] Technologies, one of Pakistan’s leading software houses, announced earlier this year that they planned on cutting salaries by 20-30 percent. They also said that several employees would be let go of, following the coronavirus […]
[…] sciences, one among Pakistan’s main software program homes, introduced earlier this yr that they planned on cutting salaries by 20-30 percent. In addition they mentioned that a number of workers could be let go of, following the coronavirus […]