Mumbai: Employees of Reliance Industries will get a salary cut of up to 50 per cent due to low profitability in wake of the coronavirus epidemic. The pay cuts were announced in a company note dated April 29. The Chairman, Mukesh Ambani will forego his entire salary.
Employees earning more than Rs 15 lakh a year will face a 10 percent salary cut, while senior executives will take salary cuts ranging from 30 to 50 percent. The salary of those earning less than Rs 15 lakh per annum will not be reduced.
“The hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals … the situation demands that we maintain a razor sharp focus on operating costs and fixed costs and all of us need to contribute to make this happen,” Executive Director Hital R. Meswani said in the letter.
It has also been decided to postpone the annual cash bonus and performance-linked incentives, which are usually paid in the first quarter.
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