Chairman and managing director Mukesh Ambani will forego his entire compensation for the year 2020-21.
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.
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The company said, “We will closely monitor the economic and business environment, re-evaluate our response to the situation on a continuous basis and strive to improve the earning capacity of our business.”
“The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries and business are impacted, and Reliance is no exception,” the company said.: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.