Even though there may be a temporary slow-down in revenues and profitability, at Kalyan Jewellers, we will continue to support all our staff financially and emotionally, TS Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers said.
One of India’s largest gold jewellery store chain, Kalyan Jewellers March 26 told employees there will be no loss of pay at non-operational showrooms across the country due to the lockdown to prevent the spread of COVID-19.
The major gold trading centres across the country have been shut due to the country-wide lockdown announced by PM Narendra Modi to prevent the spread of coronavirus disease
In his previous address to the nation on March 19 PM Modi has appealed to India Inc. to take care of the economically disadvantaged. "Do not cut their pay for not turning up to work,” he had said.
“The current situation around COVID-19 is unprecedented. During these challenging times, all Indian businesses will need to be cognizant of their societal roles. Even though there may be a temporary slow-down in revenues and profitability, at Kalyan Jewellers, we will continue to support all our staff financially and emotionally – be it our permanent employees or contractual employees or casual staff - by paying their full salaries,” said TS Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
"Our company will continue to keep up our commitment and work ethics during these testing times. We are certain that together we will all ride through this tough period soon,” Kalyanaraman added.
The company in a letter written to the showroom managers, regional managers, business heads and other team members said, “The days when the showroom is closed in compliance with local State/City/Municipal rules will be considered as ‘working days’ for purpose of attendance. There will be no loss of pay for such days. This applies to all permanent, contractual and casual staff."The domestic gems & jewellery sector is currently pegged at around Rs 75,000 crore, according to industry body GJC.