The country's giant Reliance has also announced a pay cut

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New Delhi, Thursday 30 April 2020

Reliance Industries, the country's largest company, has also announced pay cuts amid the Corona virus epidemic. Employees working in Reliance's hydrocarbon business with an annual salary of more than Rs 1.5 million will have their salaries reduced by 10 per cent. However, no reduction will be made in the salary of those whose salary is less than that.

Sources said that the salary of a senior executive could be reduced by 30 to 50 per cent. In addition, performance-based bonuses have been largely avoided.

In fact, demand for petroleum has fallen sharply due to the lockdown, which has led to a sharp drop in revenue for the hydrocarbon business.

Compensation for board of directors, executive directors and senior leaders will be reduced by 30 to 50 per cent. Reliance Industries chairman Mukesh Ambani has decided not to take compensation.

A press release issued by the company said that the Corona epidemic has given the company the opportunity to reorganize the business process.

A meeting of the Board of Directors was held on the standalone and consolidated audit report before the final quarterly results of the financial year 2019-20.

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