Reliance Industries, the country's largest company amid the Coronavirus Pandemic, has announced a salary cut. Employees working in Reliance's hydrocarbon business, whose salary is more than 1.5 million per annum, will be reduced by 10%. However, for those whose salary is less than that, there will be no cut in their salary.
Reduction up to 50% possible at senior level
It is reported from the sources that the salary of senior executive can be drastically reduced by 30-50%. Apart from this, performance based bonuses have also been postponed. In fact, the demand for petroleum has come down considerably due to the lockdown, due to which the revenue of hydrocarbon business has come down significantly.
Mukesh Ambani will not take compensation
Compensation of board of directors, executive directors and senior leaders will be reduced by 30-50%. Reliance Industries Chairman Mukesh Ambani has decided not to take compensation.
Today's quarterly results
The press release issued by the company said that due to the corona epidemic, the company got an opportunity to re-organize the business process. Before the results of the last quarter of the financial year 2019-20, the Board of Directors met on a standalone and consolidated audit report.
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