Mukesh Ambani Foregoes His Salary Till "COVID-19 Impact Abates"
The oil-to-telecom giant's Chairman and managing Director Mukesh Ambani, has decided to forego his salary till the impact of the COVID-19 pandemic abates, as the conglomerate battles with the unprecedented challenges posed by the outbreak of coronavirus. Among other measures, the company has also announced salary cuts up to 50 per cent for all employees earning more than 15 lakh and deferment of performance-linked incentives, which are usually paid in the first quarter.
In a filing submitted to the exchanges, which also mentioned the company's fourth quarter earnings, RIL stated: "In addition, the Board approved Mukesh Ambani's proposal to forego his entire salary until the impact of Covid-19 abates. In light of the COVID-19 outbreak in India, which has exacted a huge toll on the societal, economic and industrial health of the nation, Mukesh Ambani, the Chairman and Managing Director, has voluntarily decided to forego his entire salary."
The filing also mentioned that Mr Ambani has kept his salary at Rs 15 crore since 2008-09, adding that the company "is taking all necessary measures to optimize costs and mount an effective operational response to Covid-led exigencies."
Meanwhile, the company has also decided to cut employees' pay by up to 50 per cent as the conglomerate battles lower profitability in wake of the coronavirus pandemic. The pay cuts were cited in a company note to employees dated April 29.
The company has decided that employees earning more than Rs 15 lakh a year will face a 10 per cent salary cut, while senior executives will take salary cuts ranging from 30 per cent to 50 per cent. Employees earning less than Rs 15 lakh per annum will not see any reduction in their compensation.
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