RIL gives 8-10% hike to 20,000 junior & mid-level managers, 100% bonus to some

MUMBAI: Reliance Industries has started handing out increments and bonuses to its 20,000 employees with junior & middle managers receiving raises of 8-10%. Letters were issued to these employees on Friday, while senior managers will receive theirs along with variable pay this week.

RIL had reported a net profit of Rs 7,398 crore in the March quarter, the highest in eight years. It paid 100% of variable pay or annual cash bonus (ACB) to junior and middle managers.

This is higher than what they have given till now, said a person aware of the development. Last year, the increment was a few notches lower and the variable pay was around 85%.

However, employees of Reliance Jio may see a delay in increments as the review letters are expected to be sent in June. According to people with direct knowledge of the development, the firm announced FY15 increments for Jio in April-May last year and variable pay was given in October.

The group wants to bring in a clear difference between its core business and Jio-based on performance. Their main business did well this quarter,US said the person cited above.

The oil-to-retail conglomerate ranks its employees alphabetically -the top rung falls in the A category, while B is one notch lower and so on. Around 60-70% of an employee's salary is fixed and the rest of it is variable pay or ACB.This variable pay is based on three elements -the performance of the parent (RIL), the relevant business or unit and employee rating. Some employees have received more than 100% of ACB as their division has performed exceptionally well in the past year.

USReliance Industries has a worldclass performance and rewards programme in line with international best practices which it stands committed to implementing each year,US a company spokesperson said in an email without giving details. This programme has yielded rich dividends and continues to enhance RIL's reputation as an employer of choice.

The company is seeking to build talent at the senior level after a few exits from its human resource (HR) department.

Under its Career Accelerated Program (CAP), the group will allow employees to chart their career growth by changing business functions after a series of tests and interviews. The Step Up Program will help an employee grow within the same function, with the help of mentoring.

Reliance Industries Limited (RIL)