Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries. Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 per cent in the week to May 3, according to think-tank CMIE.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SImZ4J