Kotak Mahindra Bank cuts salary upto 10% due to Coronavirus

Ever since the nationwide lockdown have been announced in a bid to curb the spread of coronavirus, banks have been directed by the centre to stay operational. Amid the outbreak, private lender Kotak Mahindra Bank hasbecome the first lender to deduct upto 10 percent salaries of its employees.

Kotak Mahindra Bank

Deduction of salaries around other sectors such as IT and manufacturing is not but this is the first such instance from the banking industry.

The senior executives of the bank have already announced that they will be taking 15 percent less salary and the bank’s Chief Executive: Uday Kotak is just taking a token salary.

This salary cut will not be impacting all the employees of the bank. 10 percent of the salary will only be slashed for those employees who are receiving more than Rs 25 lakh as annual salary.

Kotak’s group chief Human Resources officer Sukhjit S Pasricha said, “What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious implications on both lives and livelihood. More importantly, it is increasingly clear that the pandemic is not going away anytime soon,”

The group has already contributed generously to the PM Cares fund and other disaster management funds to fight the coronavirus.

On 29th of March, Kotak Mahindra bank donated Rs 25 crore towards Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM Cares) fund.

Meanwhile bank’s chief executive Uday Kotak had separately donated  Rs 25 crore to the same fund, on a personal capacity.indra Bank cuts upto 10% due to Coronavirus

Ever since the nationwide lockdown have been announced in a bid to curb the spread of coronavirus, banks have been directed by the centre to stay operational. Amid the outbreak, private lender Kotak Mahindra Bank hasbecome the first lender to deduct upto 10 percent salaries of its employees.

Deduction of salaries around other sectors such as IT and manufacturing is not but this is the first such instance from the banking industry.

The senior executives of the bank have already announced that they will be taking 15 percent less salary and the bank’s Chief Executive: Uday Kotak is just taking a token salary.

This salary cut will not be impacting all the employees of the bank. 10 percent of the salary will only be slashed for those employees who are receiving more than Rs 25 lakh as annual salary.

Kotak’s group chief Human Resources officer Sukhjit S Pasricha said, “What seemed like a 2-3 months phenomenon in the beginning, has turned out to be a pandemic with serious implications on both lives and livelihood. More importantly, it is increasingly clear that the pandemic is not going away anytime soon,”

The group has already contributed generously to the PM Cares fund and other disaster management funds to fight the coronavirus.

On 29th of March, Kotak Mahindra bank donated Rs 25 crore towards Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM Cares) fund.

Meanwhile bank’s chief executive Uday Kotak had separately donated  Rs 25 crore to the same fund, on a personal capacity.

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