In a move that will benefit over 1,500 of its employees in the next two years, Reliance Communications has increased retirement age of its staff from 58 years to 65 years. Rcomm currently has about 40,000 associates, with the average age of employees at 28.
According to estimates, the company?s intellectual capital is close to Rs 16,000 crore, of which about Rs 4,000 crore is being contributed by the employees above 55 years of age.
The move is expected to retain the Rs 4000-crore intellectual capital, poised to grow to Rs 8,000 crore over the next 5-6 years. It comes at a time when Rcom is expanding into GSM mobile as well as retail broadband, DTH and IPTV among others.
While the young workforce will be expected to take forward the company?s growth plans in the marketplace, the senior employees would be incorporated in various departments segments to impart directional expertise as also to lead strategic functions, sources said.
Rcom is also in the process of coming out with an employee stock option (Esop) scheme for its employees. Under the scheme, Rcom will issue stock options to employees not exceeding 5% of the paid-up share capital of the company.
