Reliance Industries Announces Pay Cuts, Chairman Mukesh Ambani To Forego Entire Salary

Reliance Industries has cut the pay of employees 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. Reliance Industries, headed by India's richest man, Mukesh Ambani, 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...