News: New bonus payment system for oil PSUs

Compensation & Benefits

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.

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.

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Topics: Compensation & Benefits, #BestPractices, #National, #TotalRewards

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