Good news for MRF employees who missed out on a hike last year
MRF employees will get a month's salary as bonus as the company charts a recovery path and looks to register pre-Covid level growth levels
MRF has decided to give a month’s salary as bonus to employees who missed out on a hike last year due to the impact of the coronavirus pandemic, according to a report in The Economic Times.
The tyre maker reported a two-fold rise in its consolidated net profit at Rs 520.5 crore for the quarter ended December 2020.
In a positive development for the tyre industry, other companies such as JK Tyre and Ceat have also reversed salary cuts and paid bonuses to employees.
“We are disbursing to all MRF staff that went without an increment last year one month’s salary as a token of our appreciation for a sparkling performance, in spite of the heavy odds we faced,” chairman KM Mammen said in an internal communication accessed by the publication.
Revenue from operations increased to Rs 4,641.6 crore in the third quarter, from Rs 4,075.75 crore in the year-ago period.
The company’s board has also approved raising of up to Rs 1,000 crore by way of issuance of non-convertible debentures on private placement basis in one or more tranches.