Top officials in Reliance including Mukesh Ambani to take a pay cut
No deduction in salary package of less than Rs 15 lakhs
Mukesh Ambani, the richest person in the country and head of Reliance Industries, was not left untouched by the impact of the Coronavirus crisis. Ambani has decided to forgo his full year’s compensation. At the same time, it has been decided to cut the salary of most of the employees of the company by 10 to 50 percent.
Reliance Industries, which has done various jobs from refinery to telecom sector, gave this information in a message sent to employees. Along with this, the company has also avoided annual bonus of employees, which is usually given in the first quarter of the financial year. The message reads, ‘There is a lot of pressure on our hydrocarbon business. So we have to rationalize our costs and we are cutting costs in all areas. The current situation demands that we make our operating costs and fixed costs compatible and everyone needs to contribute. ‘
Ambani is forgoing his full year salary of Rs 15 crore. The salary of the members of the Board of Directors of Reliance, including the Executive Director, members of the Executive Committee, will be reduced by 30 to 50 per cent.
There will be no deduction in the salary of employees whose package is less than Rs 15 lakh. But above this, there will be a 10 per cent reduction in the salary. As the head of Reliance Industries, Ambani takes a salary of Rs 15 crore annually. There has been no change in his salary since 2008-09.
