Nestle announces relief measures for employees amidst the Coronavirus crisis

Nestle announces relief measures for employees amidst the Coronavirus crisis
  • Nestle announces relief measures for employees amidst the Coronavirus crisis.
  • Nestle donates £8.58 billion to provide water, food, & medical products to the affected.
  • Nestle offers transport and supplies to Red Cross to efficiently mobilize resources.
  • Unilever announces relief measures for employees amidst the Coronavirus crisis.

In an announcement on Thursday, the world’s largest food company, Nestle (SWX:NESN) said that it would pay its employees their full salaries during business disruptions ascribed to the Coronavirus pandemic to minimize the economic burden on their shoulders.

Nestle also said that retrospectively starting from March 16th, it will increase the hourly wage for its on-duty workers in the Canadian factory and distribution center by £2.5.

The Swiss company further highlighted in its Thursday’s announcement that its retail workers will receive up to 8 weeks of full-salary as the operations have been temporarily suspended in this segment. Salaried employees at Nestle’s Canadian factories where work from home is not applicable, will also receive additional bonuses from the company.

Nestle Announced Generous Sick Leave Packages For Corona Positive Employees

According to the company, its 291,000 salaried and part-time employees from all over the world, that are hurt by the ongoing Coronavirus emergency will receive their full salaries for 3 months.

The Nescafe coffee maker said that it has arranged for generous sick leave packages for its worldwide employees who may have been infected with the flu-like virus. For workers facing financial difficulties, the Kit-Kat chocolate maker also wishes to set in place a loan program or cash advances.

Nestle’s CEO Mark Schneider was reported quoting on Thursday:

“The COVID-19 pandemic is a global problem and consequently we are offering help on the ground everywhere.”

Unilever Announced Relief Measures For Workers On Wednesday

Many other companies have also announced relief programs for their workers that are faced with severe financial amidst the ongoing health emergency. Nestle’s staunch rival, Unilever, also declared on Wednesday that its part-time employees will receive their salaries for up to 3 months. The company also accelerated payments to offer relief to its small and medium-sized suppliers during the crisis.

Nestle also donated £8.58 billion to provide water, food, and medical nutrition products to people that have been hit the hardest by the pandemic. It partnered with Red Cross and plans on offering transport and supplies to mobilize the resources via the humanitarian agency.

At the time of writing, Nestle is exchanging hands at around £83.0 per share that translates to just under 10% decline in 2020 so far. Its performance in 2019, on the contrary, was reported fairly upbeat with an annual gain of around 30%.

By Wajeeh Khan
Mr. Khan specialises in Public Health by academia but is a trader by passion. Taking up two new hobbies of writing and trading in his teen years, he is now a professional trader and news writer with over 5 years of experience in various financial markets. Khan is passionate about bringing insightful articles to his readers and hopes to add value to their portfolios.
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