For Quick Alerts
For Daily Alerts

Reliance Announces Salary Cuts; Mukesh Ambani To Forgo Entire Pay

By Staff

On Thursday, Reliance Industries Limited (RIL) announced widespread pay cuts for its employees receiving higher compensation amid the COVID0-19 pandemic. Chairman and MD, Mukesh Ambani, whose is also the richest person in India, will not be taking any compensation, according to the company's release.

Reliance Announces Salary Cuts; Mukesh Ambani To Forgo Entire Pay

In a statement, the company said that its board of directors, including Executive Directors and other senior leaders, will see a 30-50 percent reduction in their compensation.

Employees in the hydrocarbon division who receive over Rs 15 lakh as fixed annual pay will see 10 percent reduction in their salaries due to "adverse impact" of the coronavirus pandemic on fuel demand, the company's statement said.

Salaries of those who earn less than Rs 15 lakh will not be affected."The hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our hydrocarbons business necessitating optimisation and cost reduction across all fronts," the company said.

Performance-based pay and bonuses, that are generally paid at the start of the financial year, stand deferred.

RIL will be re-evaluating its response to the situation on a continuous basis "to improve the earning capacity" of the business, it said.

The company is scheduled to announce its Q4 financial results today.

Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more