Few Indian CEOs and top management who took the call:
Mukesh Ambani: Billionaire and RIL head Mukesh Ambani has decided to forgo his entire compensation. This decision was taken by him at the time when the hydrocarbon business saw a slump. The company's senior executives will also support him by taking 30 per cent to 50 per cent salary cuts, started media reports. Meanwhile, RIL employees earning more than Rs 15 lakh a year will face a 10 per cent pay cut.
Uday Kotak: Billionaire banker has decided to draw only Re 1 as his salary and give away the rest of his pay for the relief work. Supporting the Managing Director of Kotak Mahindra Bank is his senior management executives, who have to take a pay cut of 25 per cent. Kotak is one among the very few private-sector bankers, whose advice has been sought on several occasions by the Indian government.
Anand Mahindra (L) and Rajiv Bajaj (R) |
Anand Mahindra: An avid Twitter user, Anand Mahindra, took to Twitter to announce that he is contributing 100 per cent of his salary to fight Coronavirus. Mahindra is the Chairman of Mahindra group and has been suggesting measures to the government to tackle the crisis. He is one among the few who took a pay cut, not due to declining business but basically to help combat Covid 19.
Rajiv Bajaj: He is the managing director of Bajaj Auto and also one of the most vocal industrialists at this time of lockdown. He has managed to pinpoint the failures of the government during this pandemic. While he will forgo his compensation, the other executives in his company have voluntarily decided to take a pay cut. But on several occasions, he has assured that his company will not go for job cuts, unlike some of his counterparts.
Ronojoy Dutta (top left), Onkar Kanwar (top right), Vijay Shekar (below left) and Rohit Kapoor (below right) |
Ronojoy Dutta: The airline industry is one among the many industries in the tourism business that has been the worst hit during this pandemic. Looking at this situation, IndiGo’s CEO Ronojoy Dutta voluntarily took a pay cut of 25 per cent from April 1. While cabin crew and others would take a 5-10 per cent reduction in their salary, pilots are expected to take a pay cut of 15 per cent. Meanwhile, senior vice presidents and vice presidents will receive 20 and 15 per cent less pay respectively.
Onkar Kanwar: Apollo Tyres, CMD, Onkar Kanwar along with vice-chairman Neeraj Kanwar have taken about 25 per cent cut in this financial year. Other senior executives in his company have also taken a cut of 15 per cent. The decision to permit the deduction in salary was voluntary, the company has stated.
Vijay Shekar: After watching a moving video of Marriot CEO Arne Sorenson, Paytm founder decided to forgo his pay for two months. The amount raised by this will be used to support Paytm's office-help staff. Like other companies, his company has been actively involved in various social activities at the time of Coronavirus.
Rohit Kapoor: In the hospitality sector, Oyo CEO Rohit Kapoor has decided not to draw any salary for the whole year. While some of his employees are on leave with limited benefits, there are others who will draw compensation which is less than 25 per cent of their fixed pay.
Sameer Gehlaut (left) and Bhavish Aggarwal (right) |
Sameer Gehlaut: Among the non-banking finance companies, Indiabulls Housing Finance Ltd (IBHFL) has announced a pay cut but its chairman, Sameer Gehlaut decided not to draw any salary this financial year. Supporting him in his cause is Gagan Banga, Vice-Chairman, MD and CEO of the company who opted for 75 per cent cut. In this finance company, senior management has taken voluntary pay cuts up to an average of 35 per cent for the current financial year.
Bhavish Aggarwal: Ride-hailing major Ola’s CEO Bhavish Aggarwal has decided not to take any salary, but deploy that money to support its drivers. The movement of people has been restricted during this pandemic which has hit its mobility business.
