Tuesday, October 7, 2025
spot_img

COVID-19: GMR Group cuts employees’ salaries up to 50%

spot_img
- Advertisement -

GMR Group cuts employees’ salaries by up to 50% due to Covid-19, The reduction in compensation is maximum at the highest level.

Battling against COVID-19 pandemic, diversified conglomerate GMR Group has revised downwards employees’ salaries by up to 50 percent with effect from May 2020. The reduction in compensation is maximum at the highest level.

The Bengaluru-based infrastructure major GMR Group has presence in roads and highways, energy and airport sectors.

According to PTI “As part of the revised structure, the group has done away with the variable component in employees’ CTC (the cost to company) and replaced it with special performance allowance, which will be treated as a special variable component,”

This would result in a salary reduction of up to 50 percent for various categories of employees, including senior and top management, effective May 2020.

A GMR Group spokesperson confirmed the development saying the employees’ compensation has been restructured.

“In view of the challenges faced by the infrastructure sector/industry due to COVID-19, GMR has taken steps to restructure the compensation of employees. A special variable component linked to business performance has been introduced to align with current market conditions,” the spokesperson said.

A recent industry report has forecast that airports worldwide are expected to see a decline of more than 4.6 billion passengers and revenue totalling USD 97 billion (around Rs 7.3 lakh crore) in 2020 amid the coronavirus pandemic.

The Airports Council International (ACI), which is the apex body of the global airports, also estimates a reduction of over two billion passengers at the global level in the second quarter of 2020 and more than 4.6 billion passengers for all of 2020.

The decline in total airport revenues on a global scale is estimated to be USD 39.2 billion in the second quarter and more than USD 97 billion for this year, according to the ACI.

Besides operating Delhi and Hyderabad airports, the GMR group also runs Mactan Cebu International Airport in partnership with Megawide. Source- PTI

Subscribe to our newsletter!

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

EnerSys Announces Appointment of Shannon Thomas as CHRO

EnerSys, the global leader in stored energy solutions for...

Ola CEO Bhavish Aggarwal’s Email on Attendance Sparks Debate

Ola CEO Bhavish Aggarwal recently sent a stern email...

How hybrid workforces can take on the Great Resignation

Microsoft’s 2021 Work Trend Index estimated that 41 per...

How would digitization change the HR landscape

The Digital Transformation in HR I was recently asked “how...

Accenture Career Reboot Program for returning women, Apply here

Accenture is hiring career gap professionals with Career Reboot...

Genzeon appoints Janani Prakaash as Head – People & Culture

Genzeon, a dominant driver in next-generation technology services &...

Flipkart owned Myntra to layoff employees amid restructuring

India’s leading e-commerce company, Flipkart-owned Myntra will layoff employees...

Infosys Q2FY25 Highlights: Performance & Hiring Trends

India’s second-largest IT services company, Infosys, yesterday released its...

Related Articles

SightsIn Plus
SightsIn Plushttps://sightsinplus.com/
SightsIn Plus is an India’s leading high-quality people-focused monthly HR Magazine and provides up-to-date HR News, Leadership Announcements, Best HR Practices and Insights by Global CHROs, CEOs, HR Advisors, Business Managers and HR Heads on topics of interest to HR professionals. To subscribe SightsIn Plus, HR Magazine please visit- https://sightsinplus.com/subscribe/