Motilal Oswal Financial Services has announced the payment of bonuses and performance-linked variable pay to the entire 6,000-plus employees of the group.
Sudhir Dhar, Executive Director – Group CHRO at Motilal Oswal Financial Services Ltd said, “It gives immense satisfaction and comfort that we’ve been able to announce the bonus and promotions even during this lockdown.”
He also added, “for the past two months, the company has credited salaries to employees in advance, understanding that most of them would need financial support or comfort during this time. The decision to release the variable pay-outs (bonus) and announce the promotions was with the same intent”
The bonus pay-outs are additional payments and not a part of the overall cost-to-company of an employee. It is given depending on the performance during a fiscal year and is calculated as a percentage of the total gross CTC, he said.
The group made an average bonus pay-out of 18% at the group level and paid average incentives of 20%. More than 490 employees were given promotions.
Though, he said: “the company is not giving the increments for now as we do not want to increase the fixed cost at this moment. We will review the situation as it unfolds and takes a call on the increments whenever we are in a position to do so, depending on the impact of the pandemic on the industry and business.”
Motilal Oswal Financial Services Ltd. is an Indian diversified financial services firm offering a range of financial products and services. It is is a reputed name in Financial Services with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
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