Salary cuts and job losses are common news these days amidst lockdown. And this has not spared the firm of India’s richest man Mukesh Ambani. Reliance Industries has decided to cut the salary of most of its employees amidst the lockdown. The salary cuts would be varying in nature.
As per the company said it would implement salary cuts of 10 to 50 percent. The company’s chairman Mukesh Ambani has agreed to forgo all his remuneration for a year. While it may not hit the billionaire Ambani but employees are sure to be hit hard. These pay cuts in times of crisis worsen the situation for many.
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Further annual cash bonuses and performance-linked incentives are also deferred. The incentives and bonuses are normally paid in the first quarter. However, this year it would not happen. With the pandemic situation getting worse and lockdown 3.0 on cards things can get worse for companies and employees.
