As the salary day approaches, you can put your salary and loan instalment worries to rest as banks are working overtime to ensure there is no delay in crediting money to accounts.
March 31 will be the end of the current month and financial year and it is the time when the annual reimbursements and other arrears also become due. Some companies have even advanced their salary days so that employees get money to buy essential goods to mitigate coronavirus impact.
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Leading companies in India have assured employees through statements that they will be taken care of financially while the lockdown continues.
Indian telecom firm Bharti Airtel has already paid salaries to its employees for a current month while global food major Nestle would pay full salaries to employees affected by work stoppages for a minimum of three months and has raised wages by 3 dollars per hour for on-duty factory and distribution centre workers in Canada.
Reports say some companies including mobile handset makers in India have paid 20-50 per cent of advance to labourers and factory workers to support their expenses in the middle of March. Some companies are also honouring all new joining date commitments.
Prime Minister Narendra Modi, in his address to the nation earlier this week, had earlier urged private sector companies to honour payment commitment to employees.
Also in a move aimed at mitigating the impact of the coronavirus outbreak on businesses and employees in India, the Reserve Bank of India has asked all banks and other lending institutions to allow a three-month moratorium on all kinds of loans. This will translate into a huge relief for EMIs that will become due in the next few days. The 3-month moratorium will apply to corporate loans, home loans and car loans. But the moratorium will not cover credit card loans. In addition to the salaried employees, RBI’s announcement will also give a huge relief for self-employed EMI payers and professionals with an uncertain income.
Any delay in making the payment will also not result in any negative comment in the credit history of customers.
While banks are assuring full credit of salary and other payment in accounts, they have also assured there will be no disruption in ATM services where cash will be frequently filled in machines to meet the need of customers.
Source: Thanks WIONews.com