In the wake of the economic slowdown from the national lockdown, YES Bank's top management has decided to go in for salary restructuring.
“The bank’s leadership team has taken a conscious and voluntary decision for restructuring of their compensation package for 2020-21, in a manner wherein up to 30 per cent of their total cost to company (TCC) will be allocated as variable pay,” Yes Bank said in a statement on Sunday.
Earlier, it's employees had also voluntarily contributed an amount equal to one day’s salary to the PM CARES Fund to support relief efforts to combat Covid-19.