Diwali bonus: Mahindra offering shares worth ₹500cr to 14,000 employees
What's the story
In a first-of-its-kind move, the Mahindra Group has announced a Diwali bonus for over 14,000 of its employees in the form of company shares. The special bonus is worth around ₹500 crore and will be awarded to workers across three major subsidiaries. They include Mahindra & Mahindra (auto and farm sectors), Mahindra Electric Automobile, and Mahindra Last Mile Mobility.
Unique initiative
First-ever Diwali bonus paid in company stock
This is the first time a Diwali bonus has been paid in the form of company share in India. The move also marks Mahindra's first-ever attempt to offer stock ownership benefits to its shopfloor workers. With this, it becomes India's second conglomerate after JSW Group to announce a major ESOP (Employee Stock Ownership Plan) distribution for its blue-collar workforce.
Bonus details
Shares will be distributed as RSUs
The shares will be distributed as Restricted Stock Units (RSUs). To qualify for this grant, employees must be on the company's permanent payroll and have finished at least 12 months of service by the date of announcement. This unique initiative from Mahindra Group not only rewards its employees but also gives them a stake in the company's future growth.