Reliance Industries head Mukesh Ambani has decided to forego his entire compensation. #RIL (1/n)
Reliance Industries' board of directors, including executive directors, executive committee members and senior leaders, will forgo 30-50% of their compensation. #RIL (2/n)
Reliance Industries' employees in the hydrocarbon business, with compensation higher than Rs 15 lakhs per annum, will have a 10% reduction in fixed pay. (4/n) #RIL
Reliance Industries' employees in the hydrocarbon business, whose compensation is less than Rs 15 lakhs per annum, will not have any reduction in compensation. (5/n) #RIL
Reliance Industries has deferred annual cash bonus and performance linked incentives, which are normally paid in the first quarter of a fiscal year. (6/n) #RIL
#RIL ED Hital Meswani in a letter to employees:Hydrocarbon business has been adversely impacted due to reduction in demand for refined products & petrochemicals. This has of put pressure on hydrocarbons business necessitating optimisation & cost reduction across all fronts.(7/n)
#RIL ED Hital Meswani in a letter to employees: The situation demands that we maintain a razor sharp focus on operating cost and fixed costs and all of us need to contribute to make this happen. (8/n)
#RIL ED Hital Meswani in a letter to employees: We will closely monitor the economic & business environment, re-evaluate a response to the situation on a continuous basis and strive to improve the earning capacity of our business. (9/n)
Some context: RIL's Mukesh Ambani’s salary in 2018-19 was Rs 15 crore, unchanged for the eleventh consecutive years. Even as he forgoes his compensation, he would still be eligible the dividend payment for his shareholding in the energy conglomerate. (10/n)
Reliance Industries pay cut: #RIL announces pay cuts, Mukesh Ambani to forgo entire compensation - My story in The Economic Times. Read the full story here: m.economictimes.com/news/company/c… via @economictimes
