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ReNew Power gives out 12% salary hikes, bonuses amid COVID-19 crisis

Some clean energy firms in the private sector have given salary hikes to their staff but these are not extended to all employees. Hikes are very nominal for lower-income categories (like below Rs 10 lakh per annum)

twitter-logoBusinessToday.In | July 12, 2020 | Updated 23:16 IST
ReNew Power gives out 12% salary hikes, bonuses amid COVID-19 crisis

ReNew Power has given its employees up to 12 per cent salary hike and bonuses amid the coronavirus-induced lockdown. ReNew Power is giving these hikes even as companies across the board are looking for ways to cut costs.

Some clean energy firms in the private sector have given salary hikes to their staff but these are not extended to all employees. Hikes are very nominal for lower-income categories (like below Rs 10 lakh per annum).

"2020 has been a challenging year for everyone. ReNew Power also had its fair share of challenges but ReNewers have faced adversity with determination and have ensured continuation of operations," said Sumant Sinha, Chairman and Managing Director of ReNew Power.

Sinha said that the company had decided to gives hikes and bonuses so that the company's employees don't face any hardships on the monetary front during the coronavirus crisis. "With many sectors of the economy slowly recovering, I expect the Indian economy to be back on the growth path soon," added Sinha.

ReNew Power is one of India's leading renewable energy companies. It has given out salary hikes to around 1,100 of its employees. According to Sinha, the average increment given by the company range from 5 per cent to 12 per cent. Apart from hikes, the company is even giving bonuses to employees based on their performance. The company has not withheld promotions for its executives which were agreed upon before the pandemic started.

During the last couple of months, ReNew has bid and won a historic tender to supply 400 MW of energy Round-The-Clock, using only renewables. It also recently bagged another bid for 400 MW in SECI's ISTS auction (Solar Energy Corporation of India Inter state transmission system).

It has recently announced the acquisition of Climate Connect, an Artificial Intelligence and Machine Learning company. The Climate Connect acquisition expands the portfolio of services, it can provide. As the Indian economy gets back on track, ReNew is ramping up construction activity at its under-construction project sites, which will further provide employment to skilled labourers.

(With PTI inputs)

Also Read: Aishwarya Rai Bachchan, Aaradhya test positive for coronavirus

Also Read: Business environment to remain challenging this fiscal; delayed recovery for two-wheeler sector: TVS Motor

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