COVID-19 pandemic effect:RIL announces pay cuts in its oil & gas division

Published On: Thursday, April 30, 2020 | By: Team KnowMyStock

India’s most-valued company Reliance Industries(RIL) announced pay cuts for employees in its oil and gas division, an internal memo showed. “The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries, and businesses are impacted and Reliance is no exception,” the memo read. The memo said Chairman Mukesh Ambani has agreed to forgo his entire compensation, while the board of directors, executive directors, EC members, and senior leaders will forgo 30-50 percent of their compensation. Employees in its hydrocarbons division with compensation of less than Rs 15 lakh per annum will not face any pay cut, while those above that will have a 10 percent reduction in their fixed pay. Also, the annual cash bonus and performance-linked incentives that are paid in the first quarter will be deferred. It was not immediately clear if the pay cuts are limited to the oil & gas division.

Source: https://economictimes

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