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IDFC First Bank seniors to forgo 65% of bonus amid Covid-19 crisis

V Vaidyanathan, managing director and chief executive, will take 30 per cent cut in his compensation, including fixed compensation as well as all allowances.

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While giving 100 per cent of variable pay for 78.2 per cent of its employees for FY20, the bank decided to slash more amount of variable pay for senior management.

Abhijit Lele Mumbai

1 min read Last Updated : May 26 2020 | 12:11 AM IST

Private sector lender IDFC First Bank's senior management will take 10 per cent pay cut in the current financial year as a step to soften blow from the economic disruption caused by the lockdown.

V Vaidyanathan, managing director and chief executive, will take 30 per cent cut in his compensation, including fixed compensation as well as all allowances.

While giving 100 per cent of variable pay for 78.2 per cent of its employees for FY20, the bank decided to slash more amount of variable pay for senior management.

ALSO READ: Several manufacturing firms weighed labour cost cut

Topics : Coronavirus Lockdown IDFC First Bank Indian banking sector Indian Economy Indian Banks salary layoff austerity measures Economic slowdown

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