The Kuwait Petroleum Corporation is primed to distribute a performance-based incentive payout to leaders and managers within the oil sector this Monday, indicating that this reward structure spans a range of two to four times the individual’s basic salary.
Reliable insider sources informed Al-Rai daily that the the calculation of these incentives for oil sector employees is anchored in an accounting algorithm that factors in several elements.
These elements encompass an evaluation of the worker’s performance, their role in influencing the annual outcomes of their specific company or the broader sector, along with an appraisal of their exceptional contributions throughout the year. These contributions are gauged in terms of their alignment with the yearly strategies of both the corporation and the respective entity they are affiliated with.
Furthermore, the KPC underscored that this mechanism is of particular significance. This is especially true because employees within the oil sector operate under meticulous global administrative frameworks, which subject them to substantial pressure and stringent accounting systems.
The ‘incentivization’ scheme hinges on three primary dimensions of assessment: sector-wide, company-specific, and individual performance evaluations.
The sources highlighted that a similar incentive bonus was disbursed to oil sector workers and employees in July of the last year. It’s noted that the historical profits announced by the KPC CEO Sheikh Nawaf Saud Al-Sabah for 2022/2023 fiscal year, totaling 2.665 billion dinars, marked the highest in the past decade.
This achievement came on the heels of the sector’s successful attainment of multiple strategic objectives, encompassing amplified production, capitalizing on global marketing prospects and a remarkable 50 percent escalation in refining capacity to reach 1.2 million barrels per day.
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