In a first, MCX offers up to 3x salary to those working from office

Largest commodities bourse MCX is offering up to 3x more salaries to select few employees, who are working from office in the city.

MCX, which dominates the commodities exchange space by a wide margin, employs around 400 people across the country and 300 of them are based in the headquarters here.

"Since last Friday, 50 of our key employees have been working from the office. The office had made all the provisions, including their daily needs and stay in the exchange building itself.

"And to reward them monetarily for the risk they are taking, the management has decided to pay them at least double the salary to them. In some cases this may go up to 3 times, a senior exchange official told PTI, who also claimed that MCX is the only exchange to do so.

The nomination and remuneration committee of the bourse has approved a new reward/compensation programme for employees working in the office in the wake of the Covid pandemic to boost their morale and incentivise their productivity, the official added.

Under this programme, employees working in the office for a minimum of one week and continuing to work thereafter without a break will get a gross salary compensation for each week of work in the ratio of 1, 1.5 and 3 times in addition to their regular salary.

Other support staff on contract employment will also be adequately compensated directly by the exchange, the official explained.

Critical staff comprising four categories from all the departments have been identified from MCX & MCXCCL for Mumbai and Gandhinagar offices for activation of the contingency plan.

Employees are working in non-critical functions from home on a rotational basis from mid-March onwards.