The post-Covid corporate employee policies are expected to see a plethora of changes, especially when in comes to the emoluments offered to the employees – from new pay slip components to changed leave policies – a number of reforms are in order to suit the new environment.
Corporate sectors such as IT and IT services, insurance, banking and other financial services etc. are all set to introduce new salary components which are more relevant to the changing times. A realignment in the HR policies is also expected in the corporate sector in the next few months.
Several analysts forecast a long list of changes which might take place in the post-Covid corporate world. Some of these changes include the removal of existing salary components such as fuel and driver allowance, travel allowance, and vehicle maintenance. This could be done since a large number of people continue to work from home amid the Covid-19 pandemic.
The post-Covid pay slip elements are expected to include reimbursements for high-speed internet connections at home, allowances for gadgets such as laptops or printers, home office furniture, and mental and physical health apps. Companies are also expected to cover expenses for domestic help or for childcare, since office creches are unlikely to be used.
If sources are to be believed, major corporate names are not going for change in CTC (cost to company), but are merely planning to restructure the salary slips. The tax component is expected to be kept in mind by the decision makers during the introduction of new salary components.
In addition, it is also expected that the employees will get to choose the kind of allowance they want to opt for, depending upon the working conditions. While the employee policy changes are not concrete yet, in light of the Covid-19 pandemic, the restructuring of salary components is imminent.