India Inc doles out Diwali bonuses despite slowdown

NEW DELHI: Diwali is the time when most companies in India play Santa to their employees. And this year too, despite the Sensex crying hoarse about recession fears, most of them which have had a tradition of paying bonuses have lined up lip-smacking pay outs and gifts for their workforce.

Although the importance of Diwali bonus has dwindled over the years and year-end appraisal-driven additional benefits are in vogue, a large chunk of India Inc still waits eagerly for the festive season.

For instance, companies such as LG Electronics India (LGIEL), Samsung India, Videocon Industries, Maruti Udyog, Future Group, Hero Honda Motors, Honda Siel Cars India, HDFC Bank, Omaxe and others are all set to spruce up employee sentiments this season by offering healthy bonuses, performance-driven variables and promotions this Diwali.

And after the shockwaves that Jet Airways sent out recently, this should be a welcome relief for many. Yasho V Verma, director of HR and management support for LGIEL, says, ���There is no question of cutting down on bonuses. We have announced a Diwali bonus of 240%. We did extremely well last month ��� grown by 60% ��� and believe that October is also going to be a good month. Moreover, salaries of our employees have also increased over last year. So in value terms, the payout this year is actually more thanlast year.���