Yes Bank’s leadership team has decided to restructure their compensation package for FY 2020-21, in a manner wherein up to 30 percent of their total cost to company (TCC) will be allocated as variable pay, the bank said in a release on May 31.
“COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of economy will to a great extent depend on the robustness of the financial services sector,” the bank said.
“While the country without a doubt is navigating in unchartered waters, the Bank is appreciative of the leadership team for their unstinted support, demonstrating the highest level of ownership and commitment to the Bank,” it said.
Top management of a host of banks and other institutions, including Kotak Mahindra Bank, had taken pay cuts in view of the COVID-19 situation while several companies have also announced pay cuts of employees. For instance, Kotak Mahindra Bank’s top management had taken a 15 percent cut. The bank also announced pay cuts for employees earning above Rs 25 lakh per annum.
Yes Bank’s employees too had voluntarily contributed an amount equal to one day’s salary to the PM CARES Fund to support ongoing relief efforts to combat COVID-19, the bank said. “The Bank remains committed to working with health authorities and the government to support communities in combating the COVID-19 situation,” the release said.