The Naveen Jindal-promoted Jindal Steel & Power (JSPL), which has reported losses for the past four quarters, has reduced employee salaries by 10% in order to reduce cost, reports Siddhartha P Saikia in New Delhi. Moreover, the salary disbursements to employees are also being delayed, multiple sources told FE.
Confirming the development, a JSPL spokesperson said employees voluntarily recommended giving up 25% of their respective take-home pay. “The senior management was overwhelmed by their austerity suggestions
and accepted the token gesture to bolster the company’s stance against the challenges faced, albeit a 10% contribution by way of a waiver was accepted from all employees as an interim measure, with the exception of workmen,” the spokesperson explained.
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