Some good news coming in for the employees of Reliance Industries – the company has now announced an increment for the employees.
There has been no increase in the pays of the employees last year. In fact, the company had announced pay cuts for employees as well.
Read on to find out all the details!
Reliance Industries Announces 10-20% Pay Hike For Employees
Mukesh Ambani led Reliance Industries has announced a pay hike of 10 to 12% for its employees, as confirmed by the employees of the company.
Last year, the company had announced a pay cut for the employees, however, it was rolled back soon after, leaving the salaries unchanged. As per a company executive, “The salary cut was restored completely with retrospective effect, so technically there was no reduction but then there was no increment as well last year.”
The company had announced a pay cut of 10% for employees with a pay more than Rs. 15 lakh in the petrochemicals business. Also, increments of employees in other businesses were frozen because of the COVID-19 pandemic and the lockdown that followed created a huge impact on the businesses of the conglomerate.
Additionally, the salaries of top executives were also reduced by 30 to 50% of their pay compensation. However, the salary cut was soon restored in October.
RIL Offers Full Bonus To Employees Irrespective Of Performance
Bonus payments for employees were also defered for 2019-2020, but the employees were paid the full amount in October. In 2020-21 as well, the employees were paid full bonus, irrespective of their performance.
Reliance Industries Limited is India’s largest company in terms of market capitalization.
Recently, the company reported a 35% spike in its net profit for the last financial year. For this feat, the company announced bonus or variable payout to more than 2 lakh of its employees. The bonus was rolled out to the employees of RIL’s five divisions, which includes the oil-to-chemicals (O2C) as well as consumer segments.
The company reported that a major contribution to the profit growth has come from its consumer business, which has seen an increase in online shopping and greater reliance on data for work, amid the pandemic.
We recently reported that the company has added over 75,000 to its consumer business segment in fiscal 2021.
During the same year, the company’s employee benefits expenses increased 5% to Rs 14,817 crore.
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