GVK Group cuts salaries up to 30% from May amid coronavirus pandemic

GVK Group has slashed salaries of its staff across companies by up to 30 percent from May amid the coronavirus pandemic, which has significantly impacted markets and businesses due to a total shutdown of nearly two months, a source said on Wednesday.

The diversified group, which is into energy, resources, airports, transportation, hospitality and life sciences sectors, has around 1,800 workforce.

In the last over two months, numerous companies from across sectors have resorted to layoffs, salary cuts, deferred payments and 'Leave Without Pay' to staff to mimimise the impact of the pandemic on their revenues and sustain business in the long term.

"GVK group has trimmed the salaries of its staff by 10-30 percent from May. As per the revised pay, the employees having a CTC (cost-to-company) of above Rs 10 lakh and up to Rs 25 lakh per annum have been given a 10 percent cut. Similarly, the salaries of the executives whose annual gross pay is above Rs 25 lakh have been slashed by 20 percent," the source, privy to the development, told PTI.