KVIC, ONGC deal brings cheers to Khadi institutions
The Oil and Natural Gas Commission (ONGC) usually distributes bonuses and gifts to its employees in the form of cash, recognising their services to the nation and rewarding their hardwork. This year, an agreement has been reached with the Khadi and Village Industries Commission (KVIC) and ONGC under which while the staff bonus gains an additional value, the mechanism itself contributes to a wider public good.
VK Saxena, Chairman of KVIC, who hails from Gujarat, said that his negotiations led to ONGC deciding to reward its employees in kind, at a value that is over three fold higher than the cash value. Under the scheme, the ONGC has provide Khadi vouchers worth Rs 10,000 each to its regular employees and Rs 5,000 each to its non-regular employees. The KVIC has allowed an additional 35 per cent incentive on these vouchers, thus enhancing the value of ONGC bonus to 135 per cent of its cash value for its staff.