GMR Group cuts employees' salary by up to 50% due to COVID impact

The Bengaluru-based infrastructure major has presence in roads and highways, energy and airport sectors.

PTI

June 02, 2020 / 22:20 IST

Battling against challenges in the wake of the COVID-19 pandemic, diversified conglomerate GMR Group has revised downwards employees' salary by up to 50 percent with effect from May, a source said. The reduction in compensation is maximum at the highest level, the source added.

The Bengaluru-based infrastructure major has presence in roads and highways, energy and airport sectors.

"As part of the revised structure, the group has done away with the variable component in employees' CTC (cost to company) and replaced it with special performance allowance, which will be treated as a special variable component," the source told PTI here.

This would result in a salary reduction of up to 50 percent for various categories of employees, including senior and top management, effective May 2020, the source said.

Responding to an e-mail query, a GMR group spokesperson confirmed the development saying the employees' compensation has been restructured.

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