The whole world is going through tough times. COVID-19 pandemic has shattered the global economic order. And in these tough times, it becomes the moral responsibility of the rich to take care of the poor.
Yesterday, the Cabinet approved an ordinance to reduce MPs salaries, allowances and pensions by 30 percent for one year. The effort was hailed by the nation, but MPs are not the only one to take a pay cut. These seven Indian CEOs take pay cuts to help their struggling workers.
1. Bhavish Agarwal, OLA
Bhavish Aggarwal, co-founder and CEO will forgo his one year salary. The company set up a Drive the Driver Fund to offer relief to the driver community. For this, Ola group and employees have also contributed INR 20 Cr to the fund. The funds will be used for emergency support and essential supplies. Drivers and their families will also have access to free medical consultation.
2. Ritesh Agarwal, OYO
Ritesh Agarwal has foregone his salary for a year. The company’s executive leadership team has taken a voluntary pay cut starting at 25%, with many opting for an additional uncapped amount, and some going up to 50% to enable building the runway for the company. This would be effective from April 2020.
3. Vijay Shekhar Sharma, Paytm
Paytm founder and chief, Vijay Shekhar Sharma, has said that he will not draw a salary for the next two months to help those employees impacted by the pandemic. In a tweet, Sharma said that he is committing the money to any needs of Paytm office help or staff. He said that he was inspired by Marriott International president and CEO Arne Sorenson who also made a similar commitment for the rest of the year to mitigate the impact of COVID-19.
4. Deep Kalra and Rajesh Magow, MakeMyTrip
Executive Chairman Deep Kalra and CEO Rajesh Magow are not taking any salaries effective April 2020. Rest of the leadership team have also offered to take approximately 50% in compensation.
5. Sriharsha Majety, Swiggy
Online food delivery platform Swiggy said that its co-founder and CEO, Sriharsha Majety, has decided to give up on 50% of his annual salary to contribute towards a relief fund for delivery partners. The company is looking to raise INR 10 Cr for a special relief fund to provide financial and medical stability to all its delivery partners and their family members.
6. Aloke Bajpai and Rajnish Kumar, ixigo
Aloke Bajpai, co-founder and CEO, ixigo said that Rajnish Kumar, co-founder and him decided to forgo their entire salary immediately and for as long as required to get things back on track. The company’s leadership team agreed on taking a 60%+ pay-cut graded by pay.
7. Ritesh Malik, Innov8
Inspired by Vivek Sharma’s tweet, Innov8 founder Ritesh Malik also tweeted that he will be buying masks, hand sanitizers and testing kits from his salary to support ground staff at Innov8, OYO workflow.
Source: inc42.com
