Reliance employees' salaries cut by 10 per cent

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(Commercial Representative) Mumbai Ta. 30 April 2020, Thursday

Reliance Industries Ltd has decided to cut the salaries of its employees earning more than Rs 12 lakh by 10 per cent due to declining revenue due to the Koro epidemic in the country. With this, the chairman of the company Mukesh Ambani has decided to give up his full compensation.

The company, including the board of directors, executive directors and other senior executives, has decided to cut compensation by 30 to 40 per cent.

Employees of Reliance Hydrocarbon Business whose salary is more than Rs 15 lakh will be given a fixed 10 per cent cut, while those earning less than Rs 15 lakh will not be given any reduction. With this, the company has postponed giving performance based benefits and bonuses.

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