Monday, 27th January, 2020


Fears of US recession excite Indian company to announce salary cuts

05, Aug 2011 By Pagal Patrakar

Mumbai. Big Sahara Private Limited, an Indian company with absolutely no exposure to US or international markets, is planning to delay a pending appraisal and salary hike citing reasons of a possible US recession in coming days. Big Sahara had given its employees a salary hike of 11.5% back in 2007, after which a second hike has been pending and subject to constant speculation by its employees.

“Sensex came down today and the papers say that US economy could go back in recession, as it had in 2008,” Sapan Waghmare, the HR head of BS said with a palpable excitement in his tone, “We had cut down salaries by 2.5% in 2008 and laid off at least 35 employees. Can’t wait to do something similar again!”

Many Indian companies had laid off employees and announced salary cuts even as experts claimed that there was no recession, only slow growth, in India during the 2008 US recession.

Employees of Big Sahara were promised a salary raise later in 2010 but the whole process was stalled apparently because there was a change in senior management.

“They told us that the new CEO will revise all strategic decisions so the appraisal and salary rise will happen later,” recalled Ravindra, a junior sales executive with Big Sahara, who has been waiting to become ‘senior’ for over four year now.

After the new CEO took over and replaced all the steel mugs with china clay signaling a change in the guard, employees expected a salary hike announcement next. Sources say they have been expecting for the last nine months.

“Well, they will need to wait for a few months more,” Sapan said, as he dipped a Britannia Good-Day biscuit in his filter coffee, “I have asked my secretary to draft a mail informing them about the impending US recession that could push the company to take some unpleasant steps.”

A similar mail drafted during the 2008 recession, during which Big Sahara did a brisk business, had asked the employees to help the company in “tough times” and bear with any unpopular steps that could be taken by the company to “save the family”.

“WTF! Why is this Obama guy screwing up my happiness?” Ravindra said when Faking News apprised him of the possible delay in his promotion and salary hike.

Meanwhile Manmohan Singh is expected to make an announcement that the Indian economy would not get impacted by the US debt crisis.