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IDFC First Bank CEO takes 30% pay cut, 10% for senior management

India city Mumbai covid-19 pandemic economy Volunteers
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MUMBAI: IDFC First Bank Ltd on Monday said its senior management has volunteered to take a 10% cut in fiscal 2021 remuneration, with its chief executive officer (CEO) V Vaidyanathan taking a 30% cut in his compensation including fixed and allowances. “Such pay cut forms part of the bank’s austerity measures which start at the top," said a bank statement quoting Vaidyanathan.

The bank said it has honoured all offers that were made to new hires before the pandemic including lateral and 550 management trainees.

It hapaid 100% of the variable pay to 78.2% of its employees for FY20 despite the arrival of the pandemic. “Variable pay for FY20 was cut more, progressively, for employees with greater seniority, and bonus for senior management was

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United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Deaths: 608 235
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Deaths: 141 607
Recovered: 0
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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