In a major development, the salaries of employees of India's largest financial conglomerates Indiabulls have been put on hold for those who have not opted for the voluntary deduction. Other employees, who have opted for a deduction in their CTC, have received their salaries.

India's largest financial conglomerates Indiabulls have put on hold the salaries of employees who have not opted for the voluntary deduction.Reuters | Representational

The development comes after the Indiabulls group directed its employees to take 15-50 per cent pay cuts in their salaries. International Business Times, India got in touch with a top official of the firm who confirmed that this happened only for selected people across levels and locations, effective April 1.

Earlier, the Indiabulls group had announced that its senior management has voluntarily opted to take up to 35 per cent pay cut for the fiscal year 2020-21. The company's chairman Sameer Gehlaut has decided to forgo his salary, while vice-chairman, managing director and CEO Gagan Banga, has opted to take 75 per cent salary cut for 2020, the firm confirmed in a filing to exchanges.

RIL goes for pay cuts

Reliance industries
The industry's head Mukesh Ambani, chairman of the Reliance Industries, has decided to forego all his remuneration.Reuters

As India grapples with the coronavirus pandemic, industry bigwigs across sectors are opting for salary cuts and layoffs of employees. Today, multi-dollar company Reliance Industries head Mukesh Ambani decided to forgo his entire compensation i.e. Rs 15 crore as the firm announced salary cuts amidst the ongoing coronavirus lockdown.

Uber to cut 20% workforce globally

Ride-hailing firm Uber has decided to lay off 20 per cent of its employees -- over 5,400 of 27,000 workforce – came amid the novel coronavirus pandemic. Meanwhile, Uber's rival Lyft had announced to terminate 982 employees, representing 17 per cent of its workforce, along with furloughing 288 employees and salary cuts for the other employees.