Reliance Industries Limited Announces Salary Cuts

Indian oil to telecom conglomerate Reliance Industries Limited has announces salary cuts in its hydrocarbon vertical due to the adverse impact of COVID-19. Those earning more than ₹15 lakh will see a 10% reduction in their base pay, while those earning less than ₹15 lakh will be unaffected. All performance based incentives and bonuses will be deferred. The company's board of directors will take a cut from 30% to 50%, while chairman Mukesh Ambani will forego his entire salary.