Mukesh Ambani’s Reliance Industries Limited will roll back salary cuts for the employees of its hydrocarbons division, according to the PTI report. In addition to this, the company will pay a performance bonus to its employees that had been deferred due to the pandemic. The firm is also offering an advance 30 percent of the…
IDFC FIRST Bank recently announced that its senior management has volunteered to take a 10% cut in compensation in the current financial year 2020-21. Along with the leadership team, V Vaidyanathan, MD & CEO, IDFC FIRST Bank, has also voluntarily offered to take a pay cut of 30% in his compensation including Fixed compensation as…
As the coronavirus pandemic affects business revenues and future plans due to uncertainty of the economic environment, organizations have started to give their employees salary cuts to conserve cash during the crisis. Joining the likes of many other companies, Tata Sons have also decided to move ahead with salary cuts for its top brass. For…
India’s third largest two-wheeler manufacturing company, TVS Motor Company recently announced that it has decided to cut employees salaries for a six month period due to the decline in revenue amid the coronavirus lockdown. The company’s Chief Executive Officer KN Radhakrishnan communicated the decision to employees on May 23. With the recent announcement, TVS becomes…
India’s largest airline in by market share, IndiGo recently announced that it is now proceeding ahead with salary deductions for employees from May onwards. The company Chief Executive Officer, Ronojoy Dutta also said that the carrier is implementing a “limited, graded leave without pay program” for the months of May, June, and July. The airlines…
Palo Alto, Calif.-based VMware has recently confirmed that it has taken several cost-cutting measures affecting its workforce amid the coronavirus pandemic. According to an internal memo, the company said it is conducting a company-wide employee salary freeze as well as temporary salary reductions for top executives, including CEO Pat Gelsinger, due to the uncertainty of…
Budget-carrier Vistara recently announced that it has asked its senior employees to take compulsory unpaid leaves for upto four days in the months of May and June. In an attempt to sustain their businesses and prevent cash-burn the airline’s CEO Leslie Thng announced the decision to cut down employee-related costs. “For the month of May…
Since the imposition of nationwide lockdown by the Indian government, layoffs and furloughs have become a piece of common news. In an attempt to tide over the crisis erupted due to the coronavirus pandemic and subsequent lockdown, businesses have been resorting to tough measures to prevent cash burn. The Government of India had imposed a…
London-based multinational investment bank HSBC recently announced that it has put on hold the plan to cut 35,000 jobs. The bank said that the decision to put job cuts on a halt was because it does not want to leave staff unable to find work elsewhere during the ongoing coronavirus pandemic. Earlier in February, HSBC…
India’s largest airline by market share IndiGo, recently announced that it has decided to not go ahead with its earlier decision of employee salary cut for the month of April. The airline said that the decision is in deference to the Central government’s wishes. “In deference to our Government’s wishes of not reducing pay during…
The airline industry has long been in soup due to the novel coronavirus outbreak. But things got even worse for the sector post the governments imposing nationwide lockdowns and travel-bans. It is being predicted that if the lockdown gets extended any further, several budget carriers will have to file for bankruptcy. In an attempt to…