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.
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