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Coronavirus crisis | Reliance Industries announces pay cuts; Mukesh Ambani to forego entire salary

Chairman and managing director Mukesh Ambani will forego his entire compensation for the year 2020-21.

April 30, 2020 / 09:34 PM IST

Reliance Industries on Thursday said its entire board and senior leaders will take pay cuts ranging between 30 to 50 percent as a proactive measure to counter the cost pressures from the unprecedented challenges posed by the coronavirus outbreak. Chairman and managing director Mukesh Ambani will forego his entire compensation.

The company said, “The Hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our Hydrocarbons business necessitating organization and cost reduction across all fronts.”

RIL said, its employees across Hydrocarbons division with compensations less than Rs 15 lakh pear year will not see any cut in their salaries. However, employees with over Rs 15 lakh in compensation will see a 10 percent cut in fixed pay.

“Annual cash bonus and performance linked incentives normally paid in the first quarter stand deferred,” RIL said.