Renew Power gives up to 12% pay hike to employees
NEW DELHI: Renew Power has given up to 12% salary hikes and bonuses to all its employees amid Covid-19-induced lockdown, probably making an exception among its peers.
Some clean energy firms in private sector have given hikes to employees but that is not across the board and is very nominal for lower income categories (like below ₹10 lakh per annum), as per industry sources.
“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.
“In these difficult times, we consciously decided to go ahead with salary hikes and bonuses to ensure our employees do not face any hardship on this front. With many sectors of the economy slowly recovering, I expect the Indian economy to be back on the growth path soon,” Sumant Sinha, chairman and managing director of Renew Power said.
The renewable energy company, has given out salary increments to its over 1,100 employees across locations despite the prevailing economic slowdown.
The average increments given in the company range from 512%, Sinha said.
Apart from salary hikes the annual performance-linked bonus has also been paid out by
Renew to its employees.
The company has also gone ahead with promotions for its executives, effective April 2020.
Renew Power announced that it will honour all the placement offers made at various academic institutions earlier in the year and also continue with new recruitment in various verticals as per its hiring plans.
Additionally not only is the company planning to protect the jobs of its existing employees but is in fact looking to augment its employee strength by 10% in the current year and will utilise digital on boarding tools to induct employees in the view of various lockdown related restrictions.
Renew power’s announcement to hike salaries and continue recruitment came at a time when many sectors of the economy are seeing job losses and pay cuts due to the impact of the lockdown imposed to contain Covid-19 pandemic.
Renew Power maintained its operations to supply power through its various sites during the lockdown.
During the last couple of months, Renew has bid and won a tender to supply 400 MW of energy round-the-clock, using only renewables.
I t a l s o r e c e nt l y b a g g e d another bid for 400 MW in Solar Energy Corporation of India Inter state transmission system, auction. 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.