RELIANCE INDUSTRIES

MONETARY AND NON-MONETARY BENEFITS

SUBMITTED BY

SHIKHAR VERMA
MBA-1ST YEAR

ROLL NO->A-26

TO

MS. PRIYANKA CHIBBER

 INTRODUCTION

Reliance group

The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private
sector enterprise, with businesses in the energy and materials value chain. Group's annual
revenues are in excess of US$ 30 billion. The flagship company, Reliance Industries Limited, is
a Fortune Global 500 company and is the largest private sector company in India.
Backward vertical integration has been the cornerstone of the evolution and growth of Reliance.
Starting with textiles in the late seventies, Reliance pursued a strategy of backward vertical
integration - in polyester, fibre intermediates, plastics, petrochemicals, petroleum refining and oil
and gas exploration and production - to be fully integrated along the materials and energy value
chain.
The Group's activities span exploration and production of oil and gas, petroleum refining and
marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail
and special economic zones.
Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre
producer in the world and among the top five to ten producers in the world in major
petrochemical products.
Major Group Companies are Reliance Industries Limited (including main subsidiary Reliance
Retail Limited) and Reliance Industrial Infrastructure Limited

THERE COMMITMENTS
Growth through Commitments
 We care about

Quality
Research & Development
Health, Safety & Environment
Human Resource Development
Energy Conservation
Corporate Citizenship

Reliance believes that any business conduct can be ethical only when it rests on the nine
core values of Honesty, Integrity, Respect, Fairness, Purposefulness, Trust,
Responsibility, Citizenship and Caring.
The essence of these commitments is that each employee conducts the company's
business with integrity, in compliance with applicable laws, and in a manner that
excludes considerations of personal advantage.
We do not lose sight of these values under any circumstances, regardless of the goals we
have to achieve. To us, the means are as important as the ends.
For Reliance…
Growth is care for good health
Reliance's occupational health centers carry out pre-employment and periodic medical
checkups as well as other routine preventive services. Specialised tests like biological
monitoring, health risk assessment studies and audits for exposure to various materials
are also performed. Health education and awareness form an integral part of the health
care programme at Reliance
Growth is care for safety
We believe that the safety of each employee is the responsibility of the individual as well
as of the whole community of employees
Growth is care for the environment
Reliance believes that a clean environment in and around the workplace fosters health
and prosperity for the individual, the group and the larger community to which they
belong. Environmental protection is an integral part of the planning, design, construction,
operation and maintenance of all our projects.
Growth is betting on our people
Reliance builds with care a workplace that proactively fosters professional as well as
personal growth. There is freedom to explore and learn; and there are opportunities that
inspire initiative and intrinsic motivation. We believe that people must dream to achieve,
that these dreams will drive the company's excellence in all its businesses. Reliance
thinks, behaves, lives and thrives with a global mindset, encouraging every employee to
reach his / her full potential by availing opportunities that arise across the group.
Growth is thinking beyond business
 As corporate citizens, we invest in social infrastructure, believing strongly that our
business strength fuels our social contributions. To this end, Reliance encourages, funds
and develops numerous education, health, human capital and infrastructure initiatives.
These initiatives are undertaken through partnerships with non-governmental
organizations, corporates and trusts.

MONETARY POLICY
Monetary policy is the process by which the government, central bank, or monetary
authority of a country controls (i) the supply of money, (ii) availability of money, and
(iii) cost of money or rate of interest, in order to attain a set of objectives oriented
towards the growth and stability of the economy.Monetary theory provides insight into
how to craft optimal monetary policy.

Monetary policy rests on the relationship between the rates of interest in an economy,
that is the price at which money can be borrowed, and the total supply of money.
Monetary policy uses a variety of tools to control one or both of these, to influence
outcomes like economic growth, inflation, exchange rates with other currencies and
unemployment. Where currency is under a monopoly of issuance, or where there is a
regulated system of issuing currency through banks which are tied to a central bank, the
monetary authority has the ability to alter the money supply and thus influence the
interest rate (in order to achieve policy goals). The beginning of monetary policy as such
comes from the late 19th century, where it was used to maintain the gold standard. A
policy is referred to as contractionary if it reduces the size of the money supply or raises
the interest rate. An expansionary policy increases the size of the money supply, or
decreases the interest rate. Furthermore, monetary policies are described as follows:
accommodative, if the interest rate set by the central monetary authority is intended to
create economic growth; neutral, if it is intended neither to create growth nor combat
inflation; or tight if intended to reduce inflation.

MONETARY BENEFITS
Direct compensation refers to monetary benefits offered and provided to employees in
return of the services they provide to the organization. The monetary benefits include
basic salary, house rent allowance, conveyance, leave travel allowance, medical
reimbursements, special allowances, bonus, Pf/Gratuity, etc. They are given at a regular
interval at a definite time.

Basic Salary

Salary is the amount received by the employee in lieu of the work done by him/her for a
certain period say a day, a week, a month, etc. It is the money an employee receives from
his/her employer by rendering his/her services.

House Rent Allowance

Organizations either provide accommodations to its employees who are from different
state or country or they provide house rent allowances to its employees. This is done to
provide them social security and motivate them to work.

Conveyance

Organizations provide for cab facilities to their employees. Few organizations also
provide vehicles and petrol allowances to their employees to motivate them.

Leave Travel Allowance

These allowances are provided to retain the best talent in the organization. The
employees are given allowances to visit any place they wish with their families. The
allowances are scaled as per the position of employee in the organization.

Medical Reimbursement

Organizations also look after the health conditions of their employees. The employees are
provided with medi-claims for them and their family members. These medi-claims
include health-insurances and treatment bills reimbursements.

Bonus

Bonus is paid to the employees during festive seasons to motivate them and provide them
the social security. The bonus amount usually amounts to one month’s salary of the
employee.

Special Allowance

Special allowance such as overtime, mobile allowances, meals, commissions, travel

expenses, reduced interest loans; insurance, club memberships, etc are provided to
employees to provide them social security and motivate them which improve the
organizational productivity.

NON MONETARY BENEFITS

Indirect compensation refers to non-monetary benefits offered and provided to employees
in lieu of the services provided by them to the organization. They include Leave Policy,
Overtime Policy, Car policy, Hospitalization, Insurance, Leave travel Assistance Limits,
Retirement Benefits, Holiday Homes.

Leave Policy

It is the right of employee to get adequate number of leave while working with the
organization. The organizations provide for paid leaves such as, casual leaves, medical
leaves (sick leave), and maternity leaves, statutory pay, etc.

Overtime Policy

Employees should be provided with the adequate allowances and facilities during their
overtime, if they happened to do so, such as transport facilities, overtime pay, etc.

Hospitalization

The employees should be provided allowances to get their regular check-ups, say at an
interval of one year. Even their dependents should be eligible for the medi-claims that
provide them emotional and social security.
Insurance

Organizations also provide for accidental insurance and life insurance for employees.
This gives them the emotional security and they feel themselves valued in the
organization.

Leave Travel

The employees are provided with leaves and travel allowances to go for holiday with
their families. Some organizations arrange for a tour for the employees of the
organization. This is usually done to make the employees stress free.

Retirement Benefits

Organizations provide for pension plans and other benefits for their employees which
benefits them after they retire from the organization at the prescribed age.

Holiday Homes

Organizations provide for holiday homes and guest house for their employees at different
locations. These holiday homes are usually located in hill station and other most wanted
holiday spots. The organizations make sure that the employees do not face any kind of
difficulties during their stay in the guest house.
Flexible Timings

Organizations provide for flexible timings to the employees who cannot come to work
during normal shifts due to their personal problems and valid reasons.

ANALYSIS OF MONETARY POLICY

As the terms define’s the monetary policies means they are related to currencies or
money. The monetary benefits include basic salary, house rent allowance, conveyance,
leave travel allowance, medical reimbursements, special allowances, bonus, Pf/Gratuity,
etc. They further lead to the effective working of the organization and helps in
maintenance of financial aspects of the organization .it tells us the distribution of money
in various area’s being provided to the employee’s..on the same hand it also encourages
the employee to work harder and give there complete attention towards work.The various
policy being adopted by the company to maintain the proper functioning of the firm..

ANALYSIS OF NON-MONETARY POLICY

As the term defines the non-monetary policies they are related to in kind instead of They
include Leave Policy, Overtime Policy, Car policy, Hospitalization, Insurance, Leave
travel Assistance Limits, Retirement Benefits, Holiday Homes.These lead to the mental
satisfaction and creates a sort of mental security which lead to the effective working of
the employee.