IDFC First Bank top brass takes pay cut

IDFC First Bank on Monday said that its senior management had volunteered to take a 10% cut in compensation in the current financial year 2020-21.

V. Vaidyanathan, MD & CEO, had offered to take a pay cut of 30%.

“The bank also paid 100% of the variable pay to 78.2% of employees for the period pertaining to FY19-20 despite the pandemic. Variable pay for FY20 was cut more, progressively, for employees with greater seniority, and bonus for senior management was cut by 65%,” the bank said.