RINL Implements Salary Cuts to Address Financial Strain
- Visakhapatnam
-
Team Hello Vizag
- August 22nd 2024
- 15365
In an effort to navigate its ongoing financial difficulties, Rashtriya Ispat Nigam Limited (RINL), the corporate entity overseeing Visakhapatnam Steel Plant (VSP), has announced a salary reduction for its employees.
Starting from August 2024 through March 2025, board-level executives will see a 12% cut in perks and allowances, while executives up to the E-9 grade will experience a 6% reduction.
This decision comes amid ongoing protests from VSP unions, who are working to address the plant’s severe financial crisis.
Union representatives have criticized the salary cuts as ineffective, arguing that the measures do little to address the root causes of the financial challenges facing the plant.
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