Flipkart won't give any salary hike to 5,000 senior employees this year

E-commerce giant Flipkart is planning to restrict the annual increment of salaries to only 70 per cent of its employees, which means that around 5,000 of its senior staff won’t get any hikes this year, according to a report by Moneycontrol.
 
According to Moneycontrol, the company mentioned that those who are at Grade 10 and above levels won't get any hikes. However, bonus payouts and employee stock option allotments are on track as planned for the employees of the Sachin and Binny Bansal-founded company, according to sources aware of the development.
 
The report noted that the process of annual appraisals is completed and the increments for the company are due to start kicking in from April 1.
 
“Given the current macroeconomic situation, we want to be prudent in managing our resources while keeping our employees’ best interests in mind. In line with this, about 70 percent of our employee base will continue to get an increase in their compensation,” Flipkart said in a statement.
 
“Additionally, our stock option allocation and bonus exercise will continue as is for those who are eligible. We stay committed to enhancing value for all our employees through employee-centric policies, continued skilling and training programs, regular promotion cycles, wealth creation for ESOP holders, and enhanced benefits, including medical insurance,” it said.

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According to media reports, the Walmart-owned company is also reportedly in talks to acquire a stake in Bengaluru-based healthtech start-up Pharmallama. Flipkart forayed into the healthcare segment in 2021 when it acquired a majority stake in SastaSundar Marketplace Ltd. The Kolkata-based company operates online pharmacy and digital healthcare platform, SastaSundar.com. The ecommerce giant also has invested in the healtech platform, BeatO through its venture capital arm, Flipkart Ventures.  

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