Reliance Industries restores salary, offers bonus in hydrocarbon arm

wayne


is rolling back salary cuts for employees of its hydrocarbons division, and is also giving out performance bonus that had been deferred after business was hit by the lockdown.


The firm is also offering an advance 30 per cent of the variable pay from the next year’s salary to its employees, as a goodwill gesture for working during the pandemic, said two people familiar with the matter.


Reliance in April had cut the salary of employees of its hydrocarbons division by 10 per cent to 50 per cent with the firm’s chairman and richest Indian Mukesh Ambani agreeing to forgo all his remuneration.




Also, the oil-to-technology conglomerate had 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.


An email sent to the company for comments remained unanswered. Reliance’s hydrocarbon business was adversely impacted due to a reduction in demand for refined products and petrochemicals after a nationwide lockdown was imposed to curb spread of coronavirus.


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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Next Post

Covid-19: India has potential to shape global agenda, says WEF's Schwab

Bullish on India’s power to shape the global agenda, the WEF’s Founder and Chairman Klaus Schwab has said the country’s early policy response to the Covid-19 pandemic was strong and now its biggest opportunity lies in leapfrogging to a more digital and sustainable economy. He further […]

Subscribe Now