Private sector lender IDFC First Bank’s senior management will take 10 per cent pay cut in the current financial year as a step to soften blow from the economic disruption caused by the lockdown.
V Vaidyanathan, managing director and chief executive, will take 30 per cent cut in his compensation, including fixed compensation as well as all allowances.
While giving 100 per cent of variable pay for 78.2 per cent of its employees for FY20, the bank decided to slash more amount of variable pay for senior management.
The bonus for senior management was cut by 65 per cent of the eligible amount for FY20.
Vaidyanathan said pay cut forms part of the bank’s austerity measures which start at the top. The management is reviewing the impact of the pandemic.