POPULAR INDIAN COMPANY ROLLS BACK SALARY CUTS, ANNOUNCES FESTIVE BONUS TO EMPLOYEES - REPORT 

As a sigh of relief to employees amid pandemic, billionaire Mukesh Ambani-led Reliance Industries announced that it is rolling back salary cuts and is also giving out performance bonuses this festive season. 

According to news agency PTI, Reliance is also offering an advance 30 percent of the variable pay from the next year’s salary to its lakh-plus employees as a goodwill gesture for employees working during the pandemic.

This update was given by two people familiar with the matter.

However in April, Reliance had cut the salary of employees of its hydrocarbons division by 10 percent to 50 percent after Mukesh Ambani agreed to forgo all his remuneration. 

Meanwhile, the oil-to-technology conglomerate had earlier 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, PTI further reports. 

After a nationwide lockdown was imposed in the country to curb spread of the deadly coronavirus, Reliance’s hydrocarbon business was adversely impacted due to a reduction in demand for refined products and petrochemicals.

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

Employees with compensation of less than Rs. 15 lakh did not have any reduction in compensation but those earning higher than that saw a 10 percent reduction in fixed pay.