India's biggest conglomerate Reliance Industries has announced up to 10 per cent salary cuts for some of its employees working in the hydrocarbon division in the wake of coronavirus pandemic. The company has also deferred cash bonus and annual perform performance-linked incentives. As per Reliance Industries, it will keep analysing "economic and business environment" and will reconsider its response on based on the future situation.

The company's board of directors will also forgo 30-50 per cent of their salary. Company MD and Chairman Mukesh Ambani will forgo his entire compensation for the year, a letter signed by Reliance Industries Executive Director Hital R Meswani said. The pay cuts will apply only to employees earning over Rs 15 lakh a year, and those earning below Rs 15 lakh will not be impacted.

India's biggest conglomerate Reliance Industries has announced up to 10 per cent salary cuts for some of its employees working in the hydrocarbon division in the wake of coronavirus pandemic. The company has also deferred cash bonus and annual perform performance-linked incentives. As per Reliance Industries, it will keep analysing "economic and business environment" and will reconsider its response on based on the future situation.

The company's board of directors will also forgo 30-50 per cent of their salary. Company MD and Chairman Mukesh Ambani will forgo his entire compensation for the year, a letter signed by Reliance Industries Executive Director Hital R Meswani said. The pay cuts will apply only to employees earning over Rs 15 lakh a year, and those earning below Rs 15 lakh will not be impacted.