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Salary cut up to 50% in GMR group

Begaluru,: GMR Group has restructured downwards employees' salary by up to 50 percent with effect from May. The reduction in compensation is maximum at the highest level in view of challenges faced by the company amid Covid pandemic and lockdown also confirmed by the company in response to an email by PTI.

 

"As part of the revised structure, the group has done away with the variable component in employees' CTC (cost to company) and replaced it with special performance allowance, which will be treated as a special variable component," the source told PTI .

 

This would result in a salary reduction of up to 50 percent for various categories of employees, including senior and top management, effective May 2020, the source said.

 

"In view of the challenges faced by the infrastructure sector/industry due to COVID-19, GMR has taken steps to restructure the compensation of employees. A special variable component linked to business performance has been introduced to align with current market conditions," the spokesperson said.

 

A recent industry report has forecast that airports worldwide are expected to see a decline of more than 4.6 billion passengers and revenue totalling  around Rs 7.3 lakh crore in 2020 amid the corona virus pandemic.

Source : PTI