Oil Corporation Prepares To Give 60 Million Bonus To Its Employees
Oil Corporation Prepares To Give 60 Million Bonus To Its Employees
Rabindra Dhungel
Even when the world was devastated by the impact of COVID-19, the Nepal Oil Corporation's profit increased even when fuel consumption decreased. The corporation has earned profit even during the Lockdown period since April 25. According to the final audit report of the last fiscal year 2076/77 made public by the corporation, it managed to earn a profit of Rs. 13 billion. By trading in petroleum products, the corporation managed to earn a profit of Rs. 12.87 billion in one year.
According to the report, the corporation's profit has increased due to saving of transportation cost by importing fuel from Motihari Amalekhgunj Petroleum Pipeline and increase in interest income of the previous year's profit. It managed to make a profit last fiscal year due to reduction in interest income, savings in transportation expenses and subsidy on LPG gas.
This is a higher profit than in the last five years. 19.36 billion in FY 2072/73, Rs. 9.45 billion in FY 2073/74, Rs. 3.58 billion in FY 2074/75, Rs. 8.75 billion in FY 2075/76 and It had earned a profit of Rs. 12.87 billion. Due to the significant increase in profits, the Oil Corporation is preparing to spend about Rs 60 million on bonuses to its employees this time.
The meeting of the Board of Directors of Nepal Oil Corporation has sought approval from the Ministry of Finance regarding the distribution of bonus to the employees. A meeting of the Board of Directors of the Oil Corporation held a few days ago has sought permission from the government to distribute the bonus.
Oil Corporation is going to distribute about 60 million rupees as bonus to its employees. At present, the bonus fund of the Nepal Oil Corporation is Rs 290 million. Oil Corporation is preparing to distribute bonus equal to two months and 15 days salary to the assistant level employees and two months salary to the officer or higher level employees.
Rabindra Dhungel
Even when the world was devastated by the impact of COVID-19, the Nepal Oil Corporation's profit increased even when fuel consumption decreased. The corporation has earned profit even during the Lockdown period since April 25. According to the final audit report of the last fiscal year 2076/77 made public by the corporation, it managed to earn a profit of Rs. 13 billion. By trading in petroleum products, the corporation managed to earn a profit of Rs. 12.87 billion in one year.
According to the report, the corporation's profit has increased due to saving of transportation cost by importing fuel from Motihari Amalekhgunj Petroleum Pipeline and increase in interest income of the previous year's profit. It managed to make a profit last fiscal year due to reduction in interest income, savings in transportation expenses and subsidy on LPG gas.
This is a higher profit than in the last five years. 19.36 billion in FY 2072/73, Rs. 9.45 billion in FY 2073/74, Rs. 3.58 billion in FY 2074/75, Rs. 8.75 billion in FY 2075/76 and It had earned a profit of Rs. 12.87 billion. Due to the significant increase in profits, the Oil Corporation is preparing to spend about Rs 60 million on bonuses to its employees this time.
The meeting of the Board of Directors of Nepal Oil Corporation has sought approval from the Ministry of Finance regarding the distribution of bonus to the employees. A meeting of the Board of Directors of the Oil Corporation held a few days ago has sought permission from the government to distribute the bonus.
Oil Corporation is going to distribute about 60 million rupees as bonus to its employees. At present, the bonus fund of the Nepal Oil Corporation is Rs 290 million. Oil Corporation is preparing to distribute bonus equal to two months and 15 days salary to the assistant level employees and two months salary to the officer or higher level employees.
