New bonus payment system for oil PSUs

The government is preparing a new system for oil PSU employees for rewards that will insulate them from rupee-dollar exchange rates and controls on fuel rates. The oil and finance ministries will formulate the system to ensure adequate performance-related pay (PLP) to employees despite lower profits because of rising fuel subsidies. Oil industry executives say that staff morale is a big casualty and state firms fear losing top talent to private rivals.

Read the Economic Times news report here.