Yes Bank has announced that the Bank’s Leadership team has taken a conscious and voluntary decision for restructuring of their compensation package for FY 2020-21, in a manner wherein up to 30% of their total cost to Company (TCC) will be allocated as variable pay, the company said in a press statement.
COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of economy will to a great extent depend on the robustness of the financial services sector. While the country without a doubt is navigating in unchartered waters, the Bank is appreciative of the Leadership team for their unstinted support, demonstrating the highest level of ownership and commitment to the Bank.
Earlier, the Bank’s employees had also voluntarily contributed an amount equal to one day’s salary to the PM CARES Fund to support ongoing relief efforts to combat COVID-19. The Bank remains committed to work with health authorities and the Government to support communities in combating the COVID-19 situation.