Private banking company Kotak Mahindra Bank recently announced that the group’s leadership team has unanimously and voluntarily opted to take a 15% cut in compensation for the financial year 2020-21.
The Managing Director of the bank, Uday Kotak has personally opted to forgo his salary, and will receive Re 1/- as compensation.
The bank in an official press release said, “We are in the midst of a battle to protect both lives and livelihoods. The revival of the economy will depend on a healthy and robust financial sector. The bank is committed to work alongside the government, private enterprise, civil society and individuals in the tough times that lie ahead.”
The coronavirus pandemic has forced businesses to resort to tough measures in order to sustain themselves during the crisis. Several organizations have asked their leadership to take a significant salary cut and several CEOs and Founders have also decided to forgo their salary.
The crisis is far from over, and what industry experts fear is worse than this. Many experts and economists have estimated that post the pandemic, the world will witness a global recession severe than the 2008 financial crisis. The UN body, International Labour Organization has predicted that this might lead to a loss of 2.5mn jobs.
Governments and organizations are now fighting together to revive the economy and contain the virus before it does more damage.
To support the efforts of the government in their preventive, curative, rescue, relief and rehabilitation operations Kotak Mahindra Bank has contributed ₹25 crore to the PM CARES Fund and ₹10 crore to the relief efforts in Maharashtra.
Uday Kotak has also made a personal contribution of ₹25 crore to the PM CARES fund.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.