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Wednesday, May 27, 2020

Salary deduction at RIL’s hydrocarbon division, Mukesh Ambani to forgo entire salary

Also, the oil-to-technology conglomerate has deferred annual cash bonus and performance-linked incentives that are normally paid in the first quarter, according to an employee communique.

By: ENS Economic Bureau | Mumbai | Updated: May 1, 2020 12:10:21 am
Reliance Industries cuts employees' salary by 10-50 per cent; Mukesh Ambani to forgo entire salary, Reliance Industries cuts employees' salary by 10-50%; Mukesh Ambani to forgo entire salary, reliance industries ril news, reliance industries ril announces salary cut for employees, business news india, indian express business news While Ambani will forgo his entire Rs 15 crore compensation, Reliance board of directors including executive directors, Executive Committee (EC) members, and senior leaders will forgo 30 to 50 per cent of their compensation. (File photo, source: Reuters)

RIL Chairman and MD Mukesh Ambani’s has decidedto forego his entire salary “until the impact of Covid-19 abates”. Ambani had his salary capped at Rs 15 crore since 2008-09.

RIL announced it will reduce salaries of some of its employees in the hydrocarbon division by 10 per cent in view of the “adverse impact” of the pandemic on fuel demand. The company’s board of directors would forego 30-50 per cent of their salary, RIL Executive Director Hital R Meswani said.

These pay cuts would apply to the employees in the hydrocarbon division who are earning more than Rs 15 lakh a year. Those earning less than that would not be impacted, the letter said.

“In light of the outbreak … Ambani has voluntarily decided to forego his entire salary,” RIL said. “And now, he is forgoing his salary until the company and all its businesses are fully back to their earnings potential,” it said.

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