Business

COVID-19 breakout: IDFC Bank senior management takes 10% compensation cut will pay 100% variable pay to 78% staff

IDFC First said on Monday its senior management has volunteered to take a 10 percent cut in compensation during the current financial year 2020-21.

Managing Director and CEO V Vaidyanathan have voluntarily offered to take a pay cut of 30 percent in his compensation, including fixed compensation as well as all allowances.

“Such pay cut forms part of the bank’s austerity measures which start at the top,” he said.

Click here to follow LIVE updates on coronavirus outbreak

“Further, we feel the pain our customers, big, small, micro-enterprises, and people at large are going through, and we also want to be empathetic to the situation.”

On the employee front, the bank said it has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees.

It also paid 100 percent of the variable pay to 78.2 percent of employees for FY20. Variable pay for FY20 was cut more progressively for employees with greater seniority and bonus for senior management was cut by 65 percent of the eligible amount.

In addition, the lender contributed Rs 5 crore to the PM CARES Fund to support the nation’s fight against coronavirus.

 

 

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Zcash Surges on Privacy Bets

Zcash (ZEC) has erupted past key resistance levels this week, driven by surging derivatives flows…

12 hours ago

Permute Surpasses $1M in Transaction Volume in One Month Since Launch

Bangalore, India, 2nd October 2025, ZEX PR WIRE, Permute, an accessible Bitcoin bridge platform, announced…

1 day ago

Codego Launches Whitelabel Devices Bringing Tokens Into Daily Life

Milan, Italy, 2nd October 2025, ZEX PR WIRE, Codego Group recently disclosed that its Whitelabel…

1 day ago

QMMM SEC Trading Suspension After Crypto Pivot

The U.S. Securities and Exchange Commission has suspended trading in QMMM Holdings Ltd. after weeks…

2 days ago

From Broken Models to Aligned Trading: Afterprime’s Pay-to-Trade Shift

Brokers profit when clients lose — Afterprime 2.0 ends that conflict with the world’s first…

2 days ago

Altseason Watch As Altcoin Share Surges On Binance

Bitcoin’s market share fell to about 57 percent in September, according to Binance Research’s Monthly…

3 days ago