[India] Asian Paints Increases Pay To Boost Employee Morale

20 MAY 2020

Asian Paints - India’s biggest paint company - is going to increase the salaries of employees in order to boost morale, Trak.In reports.

This is encouraging news at a time when layoffs and salary cuts prevail and a move that is likely to have a positive impact on employees dealing with the ripple effect of coronavirus.

Asian Paints has confirmed that the salary increase for all employees will go ahead despite the likely poor results for Q1. 

Amit Syngle - Asians Paints’ MD and CEO - said, “I see this as a big opportunity to step in and interact with every single employee and assuage their concerns in an uncertain marketplace. We are not in the hire and fire business and as a mature brand have reassured employees that we all are together in this.” (Link via original reporting)

The company has further commented that no employee will be fired because it not part of the culture of Asian Paints to terminate employees due to loss in business.

In addition to increasing the salaries of all employees, the company is also rewarding their dealers. Rs 40 crore has been paid to thousands of Asian Paints’ dealers as a cash incentive to help them through the loss of business the pandemic has caused.

The company is also providing free health insurance to all staff who are working with their dealers, free sanitisation of their shops, a 45-day extension for obligatory payments to Asian Paints and a 2 per cent discount if that payment is made within the 45 days period.

Asian Paints was founded in 1945 by a group of four friends: Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil working out of a garage in Mumbai. They now have more than 6000 employees and had a turnover of Rs 19,000 crore in 2019.

Asian Paints donated Rs 35 crore to the PM Cares Fund and has begun producing its own hand sanitiser, Viroprotek.