IDFC First Bank’s senior management takes 10 per cent pay cut in FY21

With economic uncertainty due the national lockdown, IDFC First Bank announced on Monday that its senior management has volunteered to take a 10 per cent cut in compensation in the current fiscal.

The lender’s Managing Director and 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.

“On the employee front, 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 said in a statement.

While the bank paid the full 100 per cent variable pay to 78.2 per cent of employees for 2019-20, the component was cut more, progressively, for employees with greater seniority. Bonus for senior management was cut by 65 per cent of the eligible amount.