IDFC First Bank senior management opts for 10% pay cut

IDFC First Bank

Private sector lender IDFC First Bank on Monday said that its senior management has voluntarily decided to go for 10 percent pay cut in the view coronavirus pandemic, while the CEO offered to surrender as much as 30 percent of his salary.

The bank in its official communiqué said that the senior management has volunteered to take a 10 percent cut in compensation in the current financial year 2020-21.

IDFC FIRST Bank MD & CEO V Vaidyanathan has offered to take a pay cut of 30 percent in his compensation comprising of fixed compensation as well as all allowances, said the lender.

It further added that it has honoured all offers that were made for new hires before the outbreak of the pandemic, such as all lateral hires as well as 550 management trainees.

Besides, the bank paid 100 percent variable pay to 78.2 percent of employees for a tenure pertaining to 2019-20 amid the pandemic, IDFC First Bank said.

Further, the bank said that its staff have opted voluntarily to contribute one day’s salary totaling Rs 3.29 crore to the PM CARES Fund.

Moreover, it contributed Rs 5 crore to the PM CARES Fund as also MD and CEO Vaidyanathan personally donated Rs 47 lakh towards COVID-19 relief work.

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