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.
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.”
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
“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.