Parsvnath cuts staff salaries

Realty firm Parsvnath Developers has cut salaries of its employees in the top- and middle-level management by up to 20 per cent amid slowdown in the real estate sector.

However, Parsvnath would not lay off underperformers as announced by the company in late October. “We have decided not to lay off any of our employees. Instead, salaries at the top- and middle-level management have been reduced by up to 20 per cent,” a company spokesperson said.

Chairman Pradeep Jain had said on October 24 that “non-performer has to go away”. He had said that the company would initiate cost-cutting measures after Diwali. The company currently employs 1,400 people and about 30,000 people are indirectly employed.