This large Indian NBFC cuts salaries of staff by 20-50%

New Delhi: Its raisning lay-off and salary cuts amid corona virus pandemic and thinsg are only going from bad to worse. Indiabulls Group has slashed salaries of select employees in the range of 20-50 percent across the country with effect from 1 April 2020, according to media reports.

However, official confirmation of the report is yet to come from the company.

The move by the company comes soon after it announced that the top management of the company will take up to 35 percent pay cut for fiscal 2020-21. While chairman Sameer Gehlaut would take 100 percent pay cut for the year, the vice-chairman, MD & CEO Gagan Banga would take a 75 percent hair cut for the fiscal.

The decision of the company to cut salaries of the employees by 20-50 percent has come as rude shock to the employees who have taken to social media to vent their ire. Some of the employees have reportedly written that some of their colleagues have been forcefully asked to resign. Some others have written that there has been no appraisal for the past 2 years in the company and now this salary cut has been handed out to them without any explanation.

The current corona pandemic and the resultant lockdown is causing a whole lot of hardships for the companies and many of them have either slashed salaries of the employees or have resorted to lay-offs. Some of the companies are still on drawing board stage as to how to cut expenses by cutting salaries or reducing staff.