Reliance Industries is restoring salary cuts that it implemented amid the coronavirus lockdown in April-May 2020, retrospectively.
The move is significant as it signals economic recovery in the country from the height of the COVID-19 pandemic. Moreover, it indicates that RIL believes the worst of the pandemic is behind us and things look better in future.
In a mail sent to 3.5 lakh direct employees in the group’s many businesses, the company said it was reversing the salary cut retrospectively and arrears would be credited to employee accounts, with the October salary.
This would put a lot of money to spend in the hands of the group’s employees and families and help add to the demand push in the economy.
At the company, the entire COVID-19 management and employee care was overseen by Chairman and MD Mukesh Ambani and wife Nita. It was not restricted to the company, but extended to the community and country.
From large donations to the PM Cares Fund, to providing financial assistance to the state government, and handing millions of free meals to the poor and setting up COVID hospitals for authorities, the company stepped up in times of emergency.
Meanwhile, Rahul Joshi, MD and Group Editor-in-Chief of Network 18, said in mail to employees that the salary cut in compensation effected in May 2020, will be reversed and with retrospective effect. “All the pay-outs will be effected along with the October 2020 payroll,” Joshi said.
mailus@audiencereports.com
