Home > News Shots > Business

By Vinershea | Oct 26, 2020 11:12 AM

As a sigh of relief to employees amid pandemic, billionaire Mukesh Ambani-led Reliance Industries announced that it is rolling back salary cuts and is also giving out performance bonuses this festive season. 

mukesh ambani ril rolls back salary cuts announces festive bonus

According to news agency PTI, Reliance is also offering an advance 30 percent of the variable pay from the next year’s salary to its lakh-plus employees as a goodwill gesture for employees working during the pandemic.

This update was given by two people familiar with the matter.

mukesh ambani ril rolls back salary cuts announces festive bonus

However in April, Reliance had cut the salary of employees of its hydrocarbons division by 10 percent to 50 percent after Mukesh Ambani agreed to forgo all his remuneration. 

Meanwhile, the oil-to-technology conglomerate had earlier deferred annual cash bonus and performance-linked incentives that are normally paid in the first quarter. 

Sources said Reliance may have done some intra-division cash transfer to roll back the salary cuts in the hydrocarbons divisions, PTI further reports. 

After a nationwide lockdown was imposed in the country to curb spread of the deadly coronavirus, Reliance’s hydrocarbon business was adversely impacted due to a reduction in demand for refined products and petrochemicals.

mukesh ambani ril rolls back salary cuts announces festive bonus

As Ambani forgo his entire Rs. 15 crore compensation, Reliance board of directors including executive directors, executive committee members, and senior leaders saw 30 percent to 50 percent of their compensation. 

Employees with compensation of less than Rs. 15 lakh did not have any reduction in compensation but those earning higher than that saw a 10 percent reduction in fixed pay. 

அரசியல், விளையாட்டு, நாட்டுநடப்பு, குற்ற சம்பவங்கள், வர்த்தகம், தொழில்நுட்பம், சினிமா, வாழ்க்கை முறை என பலதரப்பட்ட சுவாரஸ்யமான செய்திகளை தமிழில் படிக்க இங்கு கிளிக் செய்யவும்      



This page contains news relating to various facts and events. The views are generally about current affiars and general topics in diversified areas such as political, international, national, and regional issues, sports, health, travel, lifestyle, technology and business. People having similar interets on the above topics will find this page useful. Mukesh ambani ril rolls back salary cuts announces festive bonus | Business News.