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MRF announces bonus for employees as business recovers

Mumbai:  MRF Tyre has announced one month bonus to its employees  that didn’t obtain an increment in 2020.

“We are disbursing, to all MRF staff who went without an increment last year, one month’s salary as a token of our appreciation for a sparkling performance, in spite of the heavy odds we faced,” Chairman Ok M Mammen mentioned in an inner communication, according to a report published in ET.

The firm’s earnings greater than doubled to Rs 521 crore through the December quarter as tyre demand recovered sharply on the again of sustained financial exercise.

 Other Tyre manufacturers have additionally reportedly reversed wage cuts and paid bonuses to their employees submit December quarter earnings. The revival in financial exercise and a sharp fall in tyre imports following the federal government’s restrictions augur nicely for home tyre makers in accordance with analysts. Automobile gross sales too have been recovering, resulting in larger demand tyre from automakers.