Reliance Salary Cut Rolled Back; 1 Lakh Employees Will Get Advance Variable Pay!
For the first time in history, business conglomerate Reliance Industries has declared 30% advance variable pay to 1 lakh employees.
This has been done as a goodwill gesture, and to appreciate the fact that the employees from their hydrocarbon segment continued working during the pandemic and lockdown.
Besides, salary cut has which was earlier announced has also been rolled back, retroactively from April 1st, 2020.
30% Advance Variable Pay To 1 Lakh Reliance Employees
In a goodwill gesture, Reliance Industries will offer 30% advance variable pay to 1 lakh employees. This variable pay is from next year’s salary, which will be provided in this month’s salary.
Never in the history of Reliance, this advance payout has been rolled out.
Reliance Industries is their hydrocarbon business, and the biggest in terms of revenues and profits.
In a statement, Reliance Industries said, “RIL’s hydrocarbon business will also give 30% of the variable pay as an advance against future variable pay-outs,”
Interestingly, Jio employees has already received their 100% variable payouts for working during the pandemic.
Salary Cut Reversed For 1 Lakh Employees
Reliance Industries had earlier announced salary cut for some employees of Reliance Industries. This salary cut was for those, who get more than Rs 15 lakh annual salary.
This has been rolled back.
Infact, all the employees will get the full amount effective from April 1st, 2020, which will be added in this month’s salary.
In a statement, Reliance Industries said, “The company has reversed the 10% reduction in fixed pay that was effected in April 2020 for those with total annual pay of over Rs 15 lakh. This reversal is with retrospective effect from April 1, 2020,”
Senior management of Reliance Industries has already accepted 30-50% cut in compensation, due to the pandemic. There is no news whether this cut in compensation will be rolled back or not.
We will keep you updated, as more details come in.