This is the first time when the salaried class will not be happy with the message that “salary has been credited to your account”. With long queues outside ATMs and cash crunch at banks, such message doesn’t hold any importance. Some bankers are saying that the number of the customers turning up at bank branches to withdraw salaries is likely to rise four-fold compared to the normal times. People need cash to buy groceries, to pay the house maid, buying vegetables etc. In such situation what can a salaried person do? In these trying times, some companies have been kind to their employees.
According to a Hindustan Times report, Some Companies, anticipating the hassles of withdrawing money, are offering a day off or deploying mini ATMs within office premises. The move has displaced the corporate monthly payroll cycle, forcing companies to disburse salaries in advance. “We have paid salaries in advance this month, considering the queues outside ATMs and banks are getting longer. Hopefully, our employees have already made the withdrawals,” Hitesh Oberoi, CEO of Info Edge told HT. Beauty and wellness firm, VLCC, also paid half of the salary in cash and in advance, this month.
IT giant Infosys, automobile maker Mahindra and Mahindra and operator of Dominos and Dunkin’ Donuts chain Jubilant FoodWorks have deployed micro ATMs within office premises. “We are also talking to banks and trying to figure out a solution for our employees if we can get a portion of salary in cash, in metro cities. In smaller towns, we have managed the situation,” Biplob Banerjee, executive vice-president, human resources, Jubilant FoodWorks Ltd told HT.
Startups, including Knowlarity and STC Skills, are offering half day and full-day leaves to sort out the cash crunch. Mobile wallet firm, Paytm, is providing food allowance to not just its own employees, but those of other companies as well. The money in the food wallet will not expire, unlike vouchers.
Banks, especially those in the public sector, have asked employees to set up separate queues for senior citizens, especially those looking to withdraw their pensions. Banks have also re-deployed their staff to increase strength at the front desks to deal with the added pressure. “We have already instructed our bank branches and staff to ensure that the process is seamless… Different queues will be made for people with different needs, we are prepared for it,” Animesh Chauhan, managing director and CEO, Oriental Bank of Commerce, told HT.