Kotak Mahindra Bank declares 10% pay cut for staff

May 07, 2020 13:01

While we keep you updated on news from the tragic gas leak at Vizag, in other news, private sector lender Kotak Mahindra Bank has decided on a 10 per cent pay cut for the employees earning above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic, according to a communication. The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21.

"What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious implications on both lives and livelihood. More importantly, it is increasingly clear that the pandemic is not going away anytime soon," Kotak's group chief Human Resources officer Sukhjit S Pasricha said in an internal note. The move to recalibrate salaries is driven by the objective of business sustainability, Pasricha said. -- PTI

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