Reliance announces pay cuts, Mukesh Ambani to forgo entire compensation
By MYBRANDBOOK
Amidst pandemic coronavirus, Reliance Chief Mukesh Ambani has decided to forgo his entire compensation as the company has announced salary cuts and deferment of performance linked payments for its employees.
Prime Minister Narendra Modi has urged industries not to cut jobs even as companies struggle due to the crisis created by the pandemic and the subsequent nationwide lockdown. RIL has decided to cut costs by reducing compensations to employees, among other measures, to face challenges faced by its businesses.
Besides Ambani, the board of directors, including executive directors, executive committee members and senior leaders, will also forgo 30-50% of their compensation, the company said in a letter to employees which it has access to.
In the hydrocarbon business, salaries of those earning less than Rs 15 lakh a year has been left unchanged. But those with compensation higher than Rs 15 lakhs per annum, will have a 10% reduction in fixed pay.
"The hydrocarbon business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on a hydrocarbons business necessitating optimisation and cost reduction across all fronts. The situation demands that we maintain a razor sharp focus on operating cost and fixed costs and all of us need to contribute to make this happen," said Hital Meswani Executive Director.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TAC SECURITY SOLUTIONS
FRESHWORKS TECHNOLOGIES PVT. LTD.
SAMSUNG INDIA ELECTRONICS LTD.
ACER INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
PARTNER SPEAKERS
PSU
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
