IDFC First Bank senior management takes 10% pay cut

The senior management has volunteered to take a 10 per cent cut in compensation in the current financial year 2020-21, IDFC First Bank said in a statement.

Private sector IDFC First Bank on Monday said its senior management has voluntarily taken pay cut of 10 per cent due to coronavirus pandemic, while the CEO offered to surrender as much as 30 per cent of his salary.

The senior management has volunteered to take a 10 per cent cut in compensation in the current financial year 2020-21, IDFC First Bank said in a statement.

IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.

The Bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees, it added.

This is in keeping with the bank’s philosophy of honouring its commitments in all circumstances, it said.
The bank also paid 100 per cent variable pay to 78.2 per cent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.

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

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

In total, Rs 10.86 crore has been contributed towards the COVID Relief related activities so far and a large number of these activities are centred in Maharashtra. Besides, the new age mid-sized lender has also launched a number of COVID relief initiatives that involved its customers and employees.

Ask-for-Mask, Gaon-Gaon Mask, Shramik-Sahayata Program, Share-a-meal, Jaankari mein Samajhdari, COVID Warrior-on-Wheels, and Give India Foundation programme are among the bank’s COVID relief initiatives.
Under these programmes, it has selected women customers and is paying them at commercial rates for producing 3.5 lakh masks.