Salary Hike Latest News Today: Amid layoff season, a French luxury design firm announced a salary hike for all employees and said the team members will receive a special bonus of 4,000 at the end of February (Rs 3.5 lakh). Luxury firm Hermes said it will provide a one-time year-end incentive to each of its 19,700 employees in the midst of the company’s booming sales and earnings,
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On February 17, the firm reported that fourth-quarter revenues increased 23% year on year, currency fluctuations excluded. After Louis Vuitton and Chanel, the firm was able to restore its ranking as the third-largest brand in luxury fashion, thanks to a 29% increase in full-year revenues to 11.6 billion ( Rs 1 lakh crore).
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With the record profits, Hermes said it will distribute nearly 1.4 billion to investors via its dividend of 13 per share, up 63% from its 8 payout in 2022.
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Hermes CEO Axel Dumas said he discussed the year-end bonuses and strategies for maintaining hiring at a meeting with analysts on February 17. He further announced the opening of two new production facilities in France. Notably, Hermes, amid increased its global employment by 2,100 employees in 2022, while average pay increased by 6%.
