Wednesday, October 27, 2021

Reliance Industries rolls back salary cuts, offers performance bonus: Report

Mukesh Ambani’s Reliance Industries is rolling back salary cuts for the employees of its hydrocarbons division. It will also give out performance bonus that had been deferred after business was hit by coronavirus lockdown.

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

MUST READ  Punjab to start overseas study & placement cell from Feb 15: Employment Generation Minister

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.

While Ambani forgo his entire 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. Employees with compensation of less than 15 lakh did not have any reduction in compensation but those earning higher than that saw a 10 per cent reduction in fixed pay. While the salary cuts of employees have been restored, it isn’t clear if Ambani’s remuneration has also been restored.

MUST READ  Home isolation norms eased for COVID-19 patients in Punjab

Latest news

Audio rights of ‘Banaras’ sold to T- Series and Lahari Music for big price

The much hyped magnum opus, director Jayathirtha's film “Banaras” has notched up a new high after its audio rights were acquired by T-Series and...

Scholarships available to become qualified practicing interpreters

Scholarship applications are now open for people who speak in-demand languages to become qualified practicing interpreters. Minister for Multiculturalism Natalie Ward said the NSW Interpreter...

Project Remediate: First cladding removed from Darlington apartment block 

The NSW Government’s billion dollar cladding remediation program, Project Remediate, has reached a significant milestone with the first cladding removed for investigation from a...

Pandemic-specific laws to be made to ensure covid lessons learnt

The Victorian Government will introduce news laws that provide a clear and streamlined framework for managing volatile and long pandemics such as COVID-19 –...

Related news

Audio rights of ‘Banaras’ sold to T- Series and Lahari Music for big price

The much hyped magnum opus, director Jayathirtha's film “Banaras” has notched up a new high after its audio rights were acquired by T-Series and...
MUST READ  More efforts will put in place to reduce corona mortality: Soni

Scholarships available to become qualified practicing interpreters

Scholarship applications are now open for people who speak in-demand languages to become qualified practicing interpreters. Minister for Multiculturalism Natalie Ward said the NSW Interpreter...

Project Remediate: First cladding removed from Darlington apartment block 

The NSW Government’s billion dollar cladding remediation program, Project Remediate, has reached a significant milestone with the first cladding removed for investigation from a...

Pandemic-specific laws to be made to ensure covid lessons learnt

The Victorian Government will introduce news laws that provide a clear and streamlined framework for managing volatile and long pandemics such as COVID-19 –...

“Guerin’s behaviour risked damaging the integrity of Victoria Police”

The release of IBAC’s special report into Operation Turon, the investigation into alleged police misconduct of then Assistant Commissioner Mr Brett Guerin, should send...

Australia plans to reach net zero emissions by 2050

The Morrison Government will act in a practical, responsible way to deliver net zero emissions by 2050 while preserving Australian jobs and generating new...

‘Ishq Da Rog’ song touching hearts of audience

This heart melting song is touted to be the "love anthem" of the year. The song is high on its musical richness, its subtlety...

NSW govt doubled funds this year to promote Aboriginal businesses

The NSW Government is delivering on its promise to increase opportunities for Aboriginal businesses with an 89 per cent increase in the NSW Government’s...