Amid the lockdown and the corona transition, private sector Kotak Mahindra Bank has said that it will cut the salary of employees with income above Rs 25 lakh annually by 10 per cent. The bank has taken this decision due to the lockdown caused by Corona.
Recently, the top management of the bank voluntarily announced a 15 percent reduction in its salary for 2020-21. After which today the bank has decided to cut 10 percent. The economy has been severely impacted by the COVID-19 crisis, due to which many are cutting corporate wages. The unorganized sector has suffered the most. According to the think-tank CMIE, the unemployment rate in India reached 27 percent by 3 May in the week.
Chief Human Resource Officer of Kotak, Sukhjit S. Pasricha said that initially Corona was going to be finished in 2-3 months but now it does not look like it is going to end soon. . This virus has created a serious crisis on life and livelihood. Also, the note states that we have decided to cut the salary of every employee whose salary is more than Rs 25 lakh per annum for the financial year 2021 from May. In the same note, Uday Kotak, Managing Director of the bank is also mentioned in the note. Let me tell you that the group and Kotak themselves had announced donations in the PM-Care Fund and Maharashtra Chief Minister Relief Fund.
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