Business Management

RIL announces salary cuts; Mukesh Ambani to forgo entire compensation

Reliance Industries Ltd has announced that it will reduce the salaries of some of its employees in the hydrocarbon division by 10 per cent in view of the “adverse impact” of the coronavirus pandemic on fuel demand.

The company’s board of directors would forgo 30 per cent to 50 per cent of their salary, and Chairman Mukesh Ambani, India’s richest man, his entire compensation, according to a letter signed by Reliance Industries Executive Director Hital R Meswani.

These pay cuts would apply to the employees in the hydrocarbon division who are earning more than

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Business Value

Shuttl plans salary cuts and lay-offs amid coronavirus lockdown

Shuttl, the app-primarily based bus aggregator, is headed for salary cuts and most likely lay-offs, as the Sequoia-backed start off-up stares at business losses amid the lockdown.

In mail to staff, co-founder and CEO Amit Singh stated that he and co-founder Deepanshu Malviya were being using a fifty per cent salary slash, incorporating that the corporation would have to forgo bonuses in the current economical yr. The mail, reviewed by Small business Common, also stated that the organization was looking at interim shell out cuts, and could also hand out pink slips starting FY21.

“Start-ups like ours typically get

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