Motilal Oswal announces bonuses and promotions amid outbreak, HR News, ETHRWorld

MUMBAI: Motilal Oswal Financial Services has announced payment of bonuses and performance-linked variable pay to the entire 6,000-plus employees of the group.

The brokerage house has also announced promotions for a large section of the workforce, though increments are on hold for the time being.

“It gives immense satisfaction and comfort that we’ve been able to announce the bonus and promotions even during this lockdown,” executive director – human resources Sudhir Dhar said. “For the past two months, the company has credited salaries to employees in advance, understanding that most of them would need financial support or comfort during this time. The decision to release the variable pay-outs (bonus) and announce the promotions was with the same intent,” Dhar added.

The group made an average bonus pay-out of 18% at group level and paid average incentives of 20%. More than 490 employees were given promotions.

At Motilal Oswal, bonus pay-outs are additional payments and not a part of the overall cost-to-company of an employee. It is given depending on the performance during a fiscal year, and is calculated as a percentage of the total gross CTC.

“We’ve all experienced the lockdown since the last month of the FY and it’s continued in the new FY; however, there is nothing to take away the efforts of the employees that they’ve put in the last FY. It’s the organisation recognising the efforts put in by…