Darvis showered praises from Pakistani employees after it converts salaries into USD amid soaring inflation

BusinessDarvis showered praises from Pakistani employees after it converts salaries into USD...
  • The Multinational Software Development Firm Darvis converted salaries into US dollars after the rising rate of inflation to support employees in Pakistan

By Arif Hussain

Pakistan has faced numerous economic challenges over the years, and one of the most pressing issues it has had to deal with is currency devaluation and high inflation. The devaluation occurs when the value of a country’s currency decreases in relation to other currencies. High inflation, on the other hand, refers to an increase in the general price level of goods and services in an economy.

   

The devaluation of the Pakistani Rupee (PKR) has been a major concern for the country, with the currency losing over 50% of its value against the US Dollar (USD) since 2017. This has had a significant impact on the economy, as many businesses and individuals who rely on imports or exports have faced increased costs and reduced profits.

One of the main ways in which high inflation affects IT Company employees is through their salaries. Many IT Companies pay their employees in Pakistani rupees, which means that the value of their salaries decreases as the value of the rupee decreases relative to other currencies such as the US dollar. This can lead to reduced purchasing power for employees, making it harder for them to make ends meet and save for the future.

To address these challenges, some IT companies in Pakistan have taken steps to support their employees. For example, some companies have started paying their employees in USD in order to provide greater financial stability and security.

Darvis showered praises from Pakistani employees after it converts salaries into USD amid soaring inflationDarvis, a US-based Software Development Firm headquartered in Nashville, and also having Global Offices in Germany, UK, Pakistan & Poland, has converted salaries of its Pakistani employees into US dollars after the rising rate of inflation to support employees in the South Asian Country.

The Company’s Country Manager in Pakistan Salman Hijazi was quoted as saying that the decision to convert salaries into US dollars was “a way to ensure that our employees can maintain their standard of living and provide for their families, despite the challenges of rising inflation and economic uncertainty.”

The decision to convert salaries into USD has been met with positive feedback from employees, who appreciate the Company’s efforts to support them during a difficult time.

“I really appreciate the decision made by Darvis to convert salaries into USD dollars,” says Muhammad Arslan Safdar, Software Developer at the Company. “It has helped to reduce the financial stress and has given us a sense of financial security.”

According to company officials, this decision was driven by a desire to support employees and provide greater financial security during a period of economic uncertainty. We’re proud that we are the first one to act in our industry. I wish all the employers in Pakistan will follow our example.

Darvis showered praises from Pakistani employees after it converts salaries into USD amid soaring inflationThe writer Arif Hussain is Frontend Team Lead at Darvis and can be approached at LinkedIn.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

AZERTAC condemns French hypocrisy and duplicity against its journalist

AZERTAC condemns French hypocrisy and duplicity against its journalist

0
Monitoring Desk: The hypocrisy and duplicity of the French government have further been exposed by denying basic decency levels towards global media, particularly journalists...

PTI calls firewall installation illegal, dictatorial move

0
PTI to resist curb on freedom of expression, access to information: PTI SpokespersonISLAMABAD, Pakistan: Pakistan Tehreek-e-Insaf (PTI) Spokesperson strongly denounced the unconstitutional,...

Federal Budget 2024-25: Three slabs of rates on filers/non-filers introduced

0
ISLAMABAD, Pakistan: To ensure filing of tax returns, the federal government has proposed to introduce three slabs of rates for filers, non-filers and late...

Federal Budget 2024-25 worth over Rs 18 trillion unveiled

0
ISLAMABAD, Pakistan: The Federal Budget 2024-25 with a total outlay of Rs 18,877 billion was announced on Wednesday with focus on fiscal consolidation and...

Finance Minister unveils Federal Budget 2024-25

0
ISLAMABAD, Pakistan: The Finance Minister Muhammad Aurangzeb is presenting the Federal Budget for the Fiscal Year 2024-25 in the National Assembly on Wednesday.براہِ راست:...
Advertisement