India’s edtech major, upGrad, has become the first Indian company that has revoked all salary cuts going forward. The company made this announcement on the first day of the quarter in their customary townhall, mentioning that 100% of the amount cut will be given back to all employees in the July salary, given the business growth of the edtech leader in the quarter closed. The company also declared Work from Home till 31st December 2020.
Mayank Kumar, Co-Founder & MD, upGrad spoke in the townhall, "We sensed anxiety, apprehension amongst employees on when the office will resume. Few people who have gone back to there hometowns and those who were planning to go were uncertain on their next steps. Keeping everyone’s well-being in mind we declared Work from Home till 31st December 2020 and we won't be opening our office even if the situation betters now, as we want employees to be relieved of this constant uncertainty."
During the onset of the pandemic, upGrad was one of the first companies that declared work from home for all almost 10 days before the nation-wide lockdown declared by the Government of India. Subsequently, to cope with testing times, upGrad had announced pay cuts for its employees up to 30% basis level of seniority. However, the company has now reversed these salary cuts at the beginning of the new quarter today and will be providing 100% reimbursement to their employees for the same in the monthly salary of July. Edtech sector, which has received a massive fillip due to the pandemic, has contributed to the business growth of upGrad. The details about its revenue growth will be released within the next few days, as per the company officials.