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RIL announces salary cuts; Mukesh Ambani to forgo entire compensation

These pay cuts would apply only to the employees in Reliance's hydrocarbon division and earning more than Rs 15 lakh a year; those earning less would not be impacted

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The annual cash bonus and performance-linked incentives which are normally paid in the first quarter of a year have also been deferred | File photo of Reliance Industries Chairman Mukesh Ambani

BS Web Team New Delhi
Reliance Industries Ltd has announced that it will reduce the salaries of some of its employees in the hydrocarbon division by 10 per cent in view of the "adverse impact" of the coronavirus pandemic on fuel demand.
 
The company’s board of directors would forgo 30 per cent to 50 per cent of their salary, and Chairman Mukesh Ambani, India’s richest man, his entire compensation, according to a letter signed by Reliance Industries Executive Director Hital R Meswani.


These pay cuts would apply to the employees in the hydrocarbon division who are earning more than Rs 15 lakh a year.

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First Published: Apr 30 2020 | 3:29 PM IST

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