As the COVID-19 pandemic and ensuing lockdown impacted many businesses with start-ups being the worst hit, a survey has showed that only 59 per cent start-ups paid out employee bonuses between April and November in order to conserve cash.
Around 70 per cent start-ups have been impacted by the pandemic and 68 per cent are cutting down their operational and administrative expenses, according to a survey by RazorpayX, the neo-banking arm of Razorpay.
The survey further showed that the start-ups are taking measures to conserve cash as they are expecting a decline in profits due to the pandemic, including deferring bonuses and additional benefits to employees.
Source: The Free Press Journal
