NetSol Technologies is facing financial issues during the Coronavirus spreading in the country and the working is closed in this software house. The company has decided to cut off 20 to 30% of the salaries and they can also lay off the staff. This is the largest software house in Pakistan and it is attempting to save the costs, which is caused by Coronavirus crisis. Netsol Layoffs & Pay Cuts Plans in COVID-19 Outbreak.
The company has sent an email to all employees stating that the cut on their salaries will be carried out from 01 April but the company will pay the same amount of pay to the employees for the month of March 2020. Now the employees can watch the change in the salary from the salary of April. The email is added that the senior management team has already taken the large pay cut in all regions and now every division is asked that what the company should do to reduce the costs with the least impact on the delivery capabilities.
Now the software house has decided to reduce the work hours by 20 to 30%, when they reduce the payout. As per the internal document of the company, the spreading of the Coronavirus has inhibited the ability of NetSol to get the new business in near future and this effect will be looking in the coming third and fourth quarters. The company has shown the estimates that the top line numbers will go down by 30% on the average during next 12 months with the significant bottom line losses of the company.