Multi Commodity Exchange of India (MCX) has decided to offer three times more salary to about 50 of its employees who are working from the office, amid the COVID-19 scare. The independent commodity exchange has a 400-strong workforce across India, of which 300 work from its Mumbai headquarters.
These employees have been provided facilities to stay within the premises, and all their daily needs are being taken care of by the office.
The listed exchange, which was established in 2003, felt that these employees should be given a monetary reward for the risk they are taking by working from the office. In some cases, this reward will be in the form of three times more salary. It is reported that MCX is the only exchange to offer such a reward to its staff. The move is expected to boost the morale of the employees and motivate them during these tough times. Needless to say that it will also have a positive effect on productivity.
Those who work for at least a week from the office and continue to do so without taking a break will receive a gross salary for each week in the ratio of 1, 1.5 and 3 times over and above their regular salary. The contractual employees, who support the operations, will also receive adequate compensation from the exchange.
Critical staff have been identified in each department at the offices in Mumbai and Gandhinagar, to implement the emergency plan.