In the midst of massive job cuts by companies across the world to cut costs, the country's top corporate house Reliance Industries (RIL) today said about 430 of its employees agreed to "voluntary separation" during the quarter ended December 31, 2008.
RIL, led by the country's richest person Mukesh Ambani, paid a sum of Rs 110 crore during the quarter to the affected employees.
"The company announced a Voluntary Separation Scheme (VSS) for the employees of Patalganga unit during the quarter ended December 31, 2008. About 430 employees accepted the VSS offered by the company," RIL said while announcing its quarterly results.
RIL incurred total staff cost of Rs 605 crore during the quarter, up from Rs 577 crore in the year-ago period.
In the first nine months of the current fiscal, the total staff cost rose to Rs 1,844 crore, from Rs 1,544 crore in the year-ago period.
In the fiscal ended March 31, 2008, RIL had incurred a total staff cost of Rs 2,119 crore.
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