The meltdown impact, till now restricted to job and salary cuts, has got the new dimension as reported by TOI Kolkata. "We have withheld salaries of some employees whose performance has not been up to our expectations because of the meltdown and ongoing restructuring at the company," Indage Vintners HR head Shilpa Chapukar reportedly told TOI. "Trust me, all of them would eventually be paid," she added, without indicating a timeframe for doing so.
However, she did not elaborate whether these "non performers" had been communicated the reasons for not getting their salaries on time and the number of staff affected by this move. Indage Vintners known as Champagne Indage till about three months ago employs 750 staff, according to Shilpa.
Chapukar was responding to a query on whether the firm has not paid salaries to any of its employees for the months of November, December 2008 and January 2009. "It's only some employees in a region who have been affected by this step," a company spokesperson reportedly said. "This is just a one-month phenomenon and has not been happening over many months," the spokesperson added.
Some of the affected employees TOI spoke to though alleged that salaries have been paid "irregularly" since October 2008, with a few even stating that the October salary was paid only in December 2008. The morale has been running rather low, generally. "None of us have any idea of what is happening and even our colleagues at the Mumbai head quarters haven't been able to help us much in this connection," they added.
The staff in the other cities including Delhi has been also complaining about delayed payment of salaries and uncertainty seems to prevail. However, this is quite usual phenomenon during sudden financial crises like the current one. It seems to be more complex than meets a non accountant eyes as reflected in the continuous fall in the share prices by over 90% during the last one year. It has been kissing the yearly low of Rs. 64.50 although it closed higher yesterday. |