Six sources and a letter seen by Reuters showed that India’s Reliance Industries has cut the pay of several of its top oil and gas division employees by up to 50% as the company struggles with low profitability in the course of the coronavirus pandemic.
Employees earning more than INR1.5 million (USD20,000) per year will face a 10% cut on salary. Senior executives will face bigger cuts of between 30-50%.
A Reliance spokesman did not immediately respond to requests for comment.
The company’s oil and gas division is facing lower profitability on the back of lower energy prices and demand. However, Reliance’s telecom unit, Reliance Jio Infocomm was said not to be impacted.
