Reliance Industries Ltd has unveiled an initial set of cost-cutting measures for employees in its hydrocarbons business which is reeling under a demand slump in refined products and petrochemicals due to the outbreak of coronavirus and the consequent lockdown.
Effective April 1, Chairman Mukesh Ambani will forgo his entire compensation while the Board of Directors including Executive Directors, Executive Committee members and senior leaders will forgo 30-50 percent of their compensation, according to an internal document seen by BusinessLine.
RIL’s employees across its hydrocarbons business with compensation less than Rs15 lacs per annum will have no reduction in compensation, but employees with compensation in excess of Rs15 lacs will have a ten percent reduction in fixed pay.
