Now India's most valued company cuts salaries; Mukesh Ambani to forego entire compensation

New Delhi: Country’s most valued company Reliance Industries Ltd has announced it will cut salaries of some of its staff by as much as 10 percent in the hydrocarbon division.

Company’s chairman Mukesh Ambani will forgo his entire salary, while the board members will take 30-50 percent haircut.

The salary cut of 10 percent will be for those employees in the hydrocarbon division who are earning Rs 15 lakh per annum or more. 

“The hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has of course put pressure on our hydrocarbons business necessitating optimisation and cost reduction across all fronts,” said a letter to the employees today.

The company has also deferred annual cash bonus and performance-linked incentives. These are usually paid in the first quarter of the year.