Reliance Industries (RIL) said on Thursday the company would cut 10 per cent from the salaries of hydrocarbons segment employees who earn above Rs 15 lakh per annum in view of the “adverse impact” of the coronavirus pandemic on fuel demand. The company also said it would defer cash bonuses.
Chairman and Managing Director Mukesh Ambani has also decided to forgo his entire annual compensation.
In a letter to employees, dated April 29, Hital Meswani, executive director, RIL, said: “The hydrocarbon business has been adversely impacted due to reduction in demand for refined products and petrochemicals. This has put pressure