Mukesh Ambani/File
Mukesh Ambani, chairman of the Reliance Industries, has decided to forego all his remuneration. With this, India's largest company will also cut the salary of most of its employees by 10 to 50 percent. According to an employee communique quoted by news agency PTI, the company has also deferred annual cash bonus and performance-linked incentives that are normally paid in the first quarter.
The report said Ambani will forgo his entire Rs 15 crore compensation. Reliance board of directors including executive directors, Executive Committee (EC) members, and senior leaders will forgo 30 to 50 percent of their compensation. Those employees with compensation of less than Rs 15 lakh will have no reduction in compensation but those earning higher than that could see a 10 percent reduction in fixed pay.
Ambani draws Rs 15 crore in annual compensation for being chairman and managing director of India's largest company, the PTI report said. His salary has remained unchanged since 2008-09, forgoing over Rs 24 crore per annum.
