Reliance industries limited (RIL) announced that they are rolling back salary cuts for its employees and restoring them to pre-covid levels retrospectively.
Retrospective saree Restoration in the group having 3-5 lakh direct employees would put money in the hands of groups employees during the festive season.
The group is also offering an advance 30% of variable pay for next year salary to its employees of only more than 1 lakh as a Goodwill gesture. The Conglomerate I will also give out performance-based bonuses to employees of the hydrocarbon division.
In April Reliance cut the salaries of employees of hydrocarbon division by 10 to 50%. Chairman Mukesh Ambani also for good on his remunerations for this financial year. RIL had also deferred annual cash bonus and performance linked incentive.
While Ambani forgo his entire Rs 15Cr compensation, Reliance board directors including executive directors and executive committee members saw a sizable deduction of 30 to 50% in their pay. Employees with less than 15 lakh compensation did not have any reduction in compensation but those earning higher than that saw a 10% reduction in fixed pay.
The gradual recovery of Indian industry from Covid can be seen by the fact that one of India’s largest companies is not just restoring service to previous levels but returning the difference. Menu phones like TCS ,HCL tech all are offering salary hikes providing major relief to employees ahead of festive season.