GVK Group cuts salaries by up to 30% from May as Covid-19 impacts business

GVK Group has slashed salaries of its staff across companies by up to 30 per cent from May amid the coronavirus pandemic, which has significantly impacted markets and businesses due to a total shutdown of nearly two months, a source said on Wednesday.

The diversified group, which is into energy, resources, airports, transportation, hospitality and life sciences sectors, has around 1,800 workforce.

In the last over two months, numerous companies from across sectors have resorted to layoffs, salary cuts, deferred payments and 'Leave Without Pay' to staff to mimimise the impact of the pandemic on their revenues and sustain business in the