Navratna PSU National Aluminium Company Limited (Nalco) has added another first to its credit.
India’s leading producer and exporter of aluminium, Nalco has become the first public sector company to initiate action for Employee Stock Options (Esops), for offering its share to its employees, company sources said.
This decision of the Nalco board was endorsed in an extraordinary general meeting of the company’s shareholders held here yesterday.
The Esops are planned to be issued to the executives of the company as part of payment of dues to them under Performance Related Payment (PRP), a component of revised pay package, sources said.
The detailed scheme, including the price, would be worked out subsequently, they said. According to the guidelines of Dept of Public Enterprises (DPE), all CPSEs are required to formulate Esop and 10 per cent to 25 per cent of the PRP should be paid as Esop instead of in cash. This scheme is expected to considerably improve performance and involvement level of the employees in the company, it claimed.
