Reliance Industries: Salary cuts announced, Ambani to get zero rupees
- IndiaGlitz, [Thursday,April 30 2020]
As expected, Reliance Industries has announced salary cuts.
Mukesh Ambani has taken a 100% cut. The company's Board of Directors and Executives will take a 30-50% cut. Its oil business employees getting Rs 15 lakh and above per annum will have to take a 10% cut.
Employees earning less than Rs 15 lakh salary won't have any pay cut.
It's good that those earning below Rs 15 lakh are not affected by the new announcement. This is in tune with the policy adopted by several companies, especially by media houses like The Hindu, a social media user comments.
Payment of cash bonus postponed:
As per an Economic Times report, RIL has deferred annual cash bonuses and performance-linked incentives for now.
So far, the salary cut and deferment of variable components are restricted to the hydrocarbon business; no such announcement has yet been made about other businesses, the report adds.