Categories: Business

Kotak Mahindra Bank announces pay cut for staff

Kotak Mahindra Bank

new Delhi. Private sector Kotak Mahindra Bank has announced a 10 percent cut in salaries of employees with a package exceeding Rs 25 lakh per annum. The bank has taken this decision in view of the situation arising out of the Corona virus crisis. Only a few weeks ago, the top management officials of the bank announced a voluntary 15 percent cut in their salaries for 2020-21.

The corona virus crisis has a bad impact on the economy. So many corporate houses are cutting wages and some have laid off employees. The unorganized sector has suffered the worst. According to a report by the Center for Monitoring Indian Economy (CMIE), the unemployment rate in the country reached 27 percent in the week of May 3. In the message sent to the employees, Chief Human Resource Officer of Kotak Group, Sukhjit S. Pasricha said that initially the situation was visible for two to three months. Now it has turned into an epidemic and is seriously impacting both the lives and livelihoods of people. It is clear from the current conditions that this epidemic is not going to go away soon. He said that the decision to cut salary has been made to save the business. This pay cut will be effective from May 2020.

This post was published on May 7, 2020 6:31 pm

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