Reliance Industries in the midst of the pandemic had announced salary cuts in the month of April-May 2020 during the lockdown. With the economy dropping and every industry was suffering due to the coronavirus pandemic, many businesses took a severe step such as layoffs, pay cuts and even had to shut down.
Now there are signs that the economy is recovering in the country from what it used to be during lockdowns. With a significant rise in the economy post lockdown, Reliance Industries assumes the gravest of the pandemic is behind us, and everything looks better in future, retrospectively.
There was a mail sent by the company to 3.5 lakh employees regarding the reversal of the salary cut, and also the arrears would be credited back to the employee’s account along with the October salary.
This step will also help towards building the economy further by giving people a wholesome amount to spend in the upcoming festivities.
In the coronavirus pandemic, the management as well as employee care was closely overseen by the Chairman MD Mukesh Ambani along with his wife, Nita Ambani. The help was restricted only to their companies but also extended to the community and the nation.
Huge donations were made towards the PM Cares Fund which was providing financial aid to the state government and giving millions of free meals to the needy and also helping in setting up COVID hospitals for governments; the organisation walked up in times of crisis.
MD and Group Editor-in-Chief of Network 18, Rahul Joshi also said that the salary cut will be compensated effectively from May 2020. All the pay-cuts will be credited along with the October 2020 payroll.
The decision by RIL shows a good sign for the industry as well as for the economy and an example for other companies to follow suit.