In the view of unprecedented challenges posed by the coronavirus outbreak, on Thursday, Reliance Industries has announced pay cuts for employees in its hydrocarbons business and the chairman and managing director Mukesh Ambani will forego his entire compensation for the year 2020-21.
Reliance Industries entire board and senior leaders will take pay cuts ranging between 30 to 50 percent.
Employees with over Rs 15 lakh in compensation will take a 10 percent pay cut and those below will remain unaffected.
"The Hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our Hydrocarbons business necessitating organization and cost reduction across all fronts. Annual cash bonus and performance linked incentives normally paid in the first quarter stand deferred," Executive director Hital Meswani said in the letter.
Reliance Industries entire board and senior leaders will take pay cuts ranging between 30 to 50 percent.
Employees with over Rs 15 lakh in compensation will take a 10 percent pay cut and those below will remain unaffected.
"The Hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our Hydrocarbons business necessitating organization and cost reduction across all fronts. Annual cash bonus and performance linked incentives normally paid in the first quarter stand deferred," Executive director Hital Meswani said in the letter.