ArdorComm Media Group

Pay Hike

Swiggy Delivery Team in Mumbai Goes on Indefinite Strike, Demanding Pay Increase

The Swiggy unit affiliated with the Rashtriya Karamchari Sena, a workers’ union in Maharashtra, has initiated an indefinite strike. Delivery workers employed by the Bengaluru-based food delivery giant are demanding higher wages and improved working conditions. This marks the third day of the ongoing strike, during which delivery personnel have been conducting bike rallies while displaying placards outlining their demands. The strike has had a noticeable impact on food delivery services, including Swiggy’s Instamart service in Mumbai, as local residents are unable to place orders through the company’s app. The core grievance of these delivery personnel, who currently receive Rs 20 for covering a six-kilometre distance, is their struggle to make ends meet due to soaring fuel prices. They argue that they now earn only around Rs 40, a significant drop from the earlier days when they could earn Rs 100. Their compensation is based on a per-order payment system, which factors in the distance travelled for delivery, incentives, and surge pay. In May 2023, a similar strike occurred among Swiggy’s delivery personnel in Chennai. This protest arose in response to the platform’s reduction of various employee benefits, such as delivery fees, incentives, and petrol allowances. Employees were also frustrated by fines imposed for late deliveries, without any consideration for their concerns. It’s worth noting that the Chennai strike was initiated following proper notice provided to both the company and the labour department.

Swiggy Delivery Team in Mumbai Goes on Indefinite Strike, Demanding Pay Increase Read More »

Wipro Grants 41,667 RSUs to Employees via ESOP, Empowering Workforce Ownership

Wipro, in a recent official exchange filing, disclosed its issuance of 41,667 restricted stock units (RSUs) to its employees as part of its Employee Stock Ownership Plan (ESOP). These RSUs will be distributed to eligible employees according to a predetermined vesting schedule approved by the Nomination and Remuneration Committee of the Board. Over a specified period outlined in the schedule, employees will gradually gain ownership rights to these RSUs. This move not only serves as an incentive for employees but also aligns their interests with the company’s growth and success. The allocation of these RSUs became effective on September 5, 2023. An important feature of this ESOP is that employees have the flexibility to exercise these RSUs during a predefined exercise period. The committee has also given its approval for this exercise period, as mentioned in the official company filing. This allows employees to convert their RSUs into company shares at their discretion, taking advantage of favourable market conditions. On September 6, 2023, Wipro’s stock was trading at Rs 429 per share, reflecting a slight decrease of 0.66 percent. While the company has assured its employees of an impending pay raise, the official announcement of the same has been postponed until the third quarter, which spans from October to December, as opposed to the previous financial year’s announcement in September. Despite an 11.9 percent increase in profits reported in the first quarter, the company plans to continue hiring in specific areas, despite an 8,812 decrease in its overall headcount.

Wipro Grants 41,667 RSUs to Employees via ESOP, Empowering Workforce Ownership Read More »