The measure is expected to reduce SAIL’s employee benefit expenses which rose to Rs 2,043 crore in the July-September quarter of the current fiscal, on a consolidated basis, from Rs 1,964 crore a year ago.
SAIL reported a Rs 437-crore net profit in the July-September quarter of the current fiscal.
In a unique way of pruning employees’ cost, state-run Steel Authority of India (SAIL) has unveiled a scheme under which a majority of its around 72,000 employees will be able to opt for ‘shorter working period’ against proportionate forgoing of salary benefits. SAIL believes the scheme will help its employees “attain a better work-life balance”.
“The scheme, effective from November 1, 2020, is applicable for all regular employees up to mid-management level. Under the scheme, employees upto E-7 (general manager) grade can opt from various shorter working hours options like three days a week, every alternate day, four hours every working day or half of the working days in a month with a variable pay structure,” SAIL said in a statement.
The measure is expected to reduce SAIL’s employee benefit expenses which rose to Rs 2,043 crore in the July-September quarter of the current fiscal, on a consolidated basis, from Rs 1,964 crore a year ago. SAIL reported a Rs 437-crore net profit in the July-September quarter of the current fiscal.
“The employees availing this scheme will be able to retain facilities and benefits including HRA/accommodation, medical benefits and other perks, as per the scheme. This scheme is aimed at facilitating employees for self-development, getting opportunities to enhance their knowledge and expertise, etc, while managing their working hours/time by making it flexible,” SAIL said.
SAIL has always been reckoned as a pro-employee organisation. The company always adopts strategies and introduces schemes for better employee engagement and motivation. This new scheme is a step towards this and it will give a larger canvas to several employees wanting to invest or devote time to other pursuits and responsibilities, while also being in employment, SAIL chairman Anil Kumar Chaudhary said in a statement.
In January this year, SAIL had launched a scheme for sabbatical leave for all its regular employees who have completed 10 years in the company, primarily aimed at cost-cutting; but the scheme failed to elicit much response, a source in the company said.
While the sabbatical leave could have been availed for a maximum of three years, SAIL has not set any such timeline for the ‘shorter working period’ scheme.