Diversified group Raymond Chairman and Managing Director Gautam Hari Singhania has said he will forgo his salary during the lockdown and will take a substantial pay cut after that to help support his company during this challenging time.
"In light of the current situation, I have taken the decision that I will not be taking any salary from the company till the lockdown is in place. And, after that I will be taking a substantial reduction on the same," Singhania said in a video message to Raymond employees on Friday.
He said liquidity is becoming a major problem, and the teams within the organisation are working hard to find cash.
"I think we have to survive at any cost. We must conserve cash at any cost. And also make sure to focus on our collections. Every drop counts. We have to work hard to stay afloat at this tough time," he added.
Further, he said that during the current tough times, each and everybody in the organisation will be required to take some tough measures and personal sacrifices.
"We need to brace ourselves for this unprecedented time. And I am sure but he has come out at the end of it," he added.
Singhania has joined in with his peers who have stood up to the challenges and have shown their commitment by taking pay cuts to support their business amid the COVID-19 crisis.
The COVID-19 pandemic has brought havoc to businesses that led many companies resorting to pay cuts and layoffs not only in India but across the world.
Uday Kotak, Ritesh Agarwal, Vijay Shekhar Sharma, Anand Mahindra are among many top executives who have announced to forgo their salaries.
Kotak Mahindra Bank CEO Uday Kotak has opted to forego his salary and will take only Re 1 as compensation, OYO Hotels & Homes CEO and founder Ritesh Agarwal will take a 100 per cent salary cut for the rest of the year to enable building the runway for the company, Paytm CEO and founder Vijay Shekhar Sharma announced that he will not take two months' salary, Mahindra & Mahindra chairman Anand Mahindra is contributing his 100 percent salary to deal with the severe impact of the coronavirus pandemic.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.