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Private sector lender Kotak Mahindra Bank has decided on a 10 per cent pay cut for the employees earning above ₹25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic, according to a communication.

The move comes weeks after the top management voluntarily surrendered 15 per cent of their payments for 2020-21. The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries.

Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 per cent in the week to May 3, according to think-tank CMIE. “What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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