Coronavirus impact: IDFC First Bank senior management takes 10% pay cut; CEO 30%

The bank has also paid 100 percent variable pay to 78.2 percent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.

PTI

May 26, 2020 / 13:35 IST

26 Aug, 2025 12:21

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Accounting the coronavirus pandemic, Private sector lender IDFC First Bank on May 25 said its senior management has voluntarily taken 10 percent pay cut, while the CEO offered to surrender as much as 30 percent of his salary.

The senior management has volunteered to take a 10 percent cut in compensation in the current FY21, IDFC First Bank said in a statement.

IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 percent in his compensation including fixed compensation as well as all allowances, the bank said.

The Bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees, it added.

This is in keeping with the bank's philosophy of honouring its commitments in all circumstances, it said.

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Coronavirus impact: IDFC First Bank senior management takes 10% pay cut; CEO 30%

The bank has also paid 100 percent variable pay to 78.2 percent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.

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Coronavirus impact: IDFC First Bank senior management takes 10% pay cut; CEO 30%

The bank has also paid 100 percent variable pay to 78.2 percent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.

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