According to an ET report, Reliance Industries (RIL), an Indian multinational conglomerate company, headquartered in Mumbai has announced the increment to employees, averaging about 10-12% for the Financial Year 2022.
Notably, in last financial year, the company had announced pay cut but subsequently rolled it back, leaving salaries unchanged.
In the month of April 2020, RIL announced a pay cut of 10% for employees earning more than Rs 15 lakh in its petrochemicals business but in the month of October 2020, the company rolled back salary cuts for its employees and restored salaries to the pre-Covid levels retrospectively.
And the conglomerate did offer an advance 30 per cent of the variable pay from the next year’s salary to its lakh-plus employees as a goodwill gesture.
However, RIL did not comment on ET’s query on salary increments for 2021-22, which was released in the month of August this year.
Reliance Industries had also deferred bonus payments for 2019-20, but later in October paid the full amount.
Earlier, in June this year, the company had announced that it has put in place a liberal leave policy for employees affected by Covid-19. It is providing financial assistance of up to 3 months’ pay as an interest-free salary advance in case of an exigency.
In case of the unfortunate demise of any employee, Reliance is providing financial support to the family and committing to shoulder the educational expenses of the children.
Under the ‘Reliance Family Support and Welfare Scheme’, the company pays tuition fees, hostel accommodation, and books of all the children of the employee, up to bachelors degree at any institute in India.