Monday, 17 June 2013

Vodafone India announces 7-8% increment


MUMBAI: Vodafone India has given an average pay hike of 7-8% to its employees for the current financial year. The increase per individual is based on performance that has been mapped out on a Bell Curve, which assesses performance not as an absolute but relative to peers, said the company's human resources director Ashok Ramachandran.

The increment letters along with information on variable payout will be handed out to the staffers by this weekend. The phone major has paid over 100% of the company's total variable bill of the year ending March. The variable payout is made based on the performance of the individual as well as of the organization.

Vodafone India employs around 11,500 people: of these, around 1,500 sit in corporate offices while the rest are ground staff. Staff costs account for less than 6% of the company's total expenditure.

Its its salary increase with competitors through an audit conducted by Hewitt Associates that it commissions each year, said Ramachandran. The company reported total revenue of 35,885 crore for the year to March 31, up 10% the previous years. Its operating margin during the year rose 3.4 percentage points to 29.7%.

Vodafone's India arm showed a healthier operating free cash flow with a 58.3% jump to Rs 6,295 crore in the financial year 2013 compared with Rs 3,977 crore in the previous fiscal. It faces issuesone-timege on airwave usage and its impending licence renewals in metro cities.

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