Corona crisis is making the toughest and the bravest to buckle. The latest to buckle due to Corona lockdown crisis is none other than Reliance industries. Yes. Mukesh Ambani's mega company too is now planning to cut on salaries.
According to Reliance Industries sources, there would be no pay cut to those earning less than Rs 15 lakh per annum. There would be 10 per cent cut in the salaries of those who get above Rs 15 lakh. The directors, executive directors and executive committee members will have cuts ranging between 30 to 50 per cent. Chairman Mukesh Ambani will forego his annual salary for the whole year. This amounts to Rs 15 crore. The payment of cash incentives and bonus has also been deferred. A note from the Reliance industries said that the cut and the deferments have been effected due to the heavy losses the company has incurred in the petrochemical sector due the lockdown.
The reliance has informed its employees about the decision and said that it was trying to recupe the loses in the petrochemical sector. It asked the employees to cooperate with the management.
According to Reliance Industries sources, there would be no pay cut to those earning less than Rs 15 lakh per annum. There would be 10 per cent cut in the salaries of those who get above Rs 15 lakh. The directors, executive directors and executive committee members will have cuts ranging between 30 to 50 per cent. Chairman Mukesh Ambani will forego his annual salary for the whole year. This amounts to Rs 15 crore. The payment of cash incentives and bonus has also been deferred. A note from the Reliance industries said that the cut and the deferments have been effected due to the heavy losses the company has incurred in the petrochemical sector due the lockdown.
The reliance has informed its employees about the decision and said that it was trying to recupe the loses in the petrochemical sector. It asked the employees to cooperate with the management.