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The Amara Raja Group has announced a series of measures including pay cuts to deal with pandemic-led business disruptions.
Jaikrishna B, President (Group HR), Amara Raja Group, said: “The announcement of an innovative ‘Business Performance-linked Pay’ scheme is aimed at rewarding employees in the next financial year if the businesses recover and get back to the required levels of performance.”
While the promoters holding the office of Managing Director in various businesses have voluntarily agreed to an up to 50 per cent reduction in their total remuneration for FY21, the staff and management employees’ CTC has seen a graded reduction of 10-25 per cent.
Employees in workmen grade and all category of trainees will be paid the full CTC without reductions. Also, employees below a certain threshold salary will be paid the full CTC and no reductions will be applicable.
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