IDFC First Banks Senior Management Takes 10 Per Cent Pay Cut In FY21
Money & Banking
With economic uncertainty due the national lockdown, IDFC First Bank announced on Monday that its senior management has volunteered to take a 10 per cent cut in compensation in the current fiscal.
The lender’s Managing Director and CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances.
“On the employee front, the bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees,” it said in a statement.
While the bank paid the full 100 per cent variable pay to 78.2 per cent of employees for 2019-20, the component was cut more, progressively, for employees with greater seniority. Bonus for senior management was cut by 65 per cent of the eligible amount.
Published on
May 25, 2020
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The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
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With economic uncertainty due the national lockdown, IDFC First Bank announced on Monday that its senior management has volunteered to take a 10 per cent cut in compensation in the current fiscal.
The lender’s Managing Director and CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances.
“On the employee front, the bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees,” it said in a statement.
While the bank paid the full 100 per cent variable pay to 78.2 per cent of employees for 2019-20, the component was cut more, progressively, for employees with greater seniority. Bonus for senior management was cut by 65 per cent of the eligible amount.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Sincerely,
Support Quality Journalism
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