New Delhi: The crisis-ridden IL&FS Group has either laid off or separated 43% employees as a cost cutting measure since its new board was appointed in October last year.In its fifth progress report on the group's resolution process and the way forward, submitted to the Mumbai-bench of the National Company Law Tribunal (NCLT), the company said that the measure has helped reduce its wage bill by nearly 47%.
“The manpower optimisation initiatives which have been implemented across the group have cumulatively resulted in head count decrease of 43% between October 1, 2018, and June 30, 2019, leading to a saving of nearly 47% in the annualised wage bill," it said. As per the fourth progress reportl, the new board headed by Uday Kotak had conceptualised manpower optimisation measures for the infrastructure lending major in two phases.
