Kotak Mahindra Bank has announced pay cuts for its staff in the wake of the ongoing coronavirus pandemic and the consequent lockdown in the country.

The private lender has announced a 10 percent pay cut for its earning above Rs 25 lakh per year. Those making less than Rs 25 lakh per year will not see any reduction in their salaries.

The bank had last month announced a 15 percent pay cut for its leadership team and also revealed at the time that chairman and managing director Uday Kotak would forego salary for a year and take token Re 1.

Kotak Mahindra’s move follows a general trend in the country as a number of companies have announced pay cuts to offset the loss of business due to the nationwide lockdown, which began on March 25 for an initial 21 days but has since been extended twice.

The third phase of the lockdown is scheduled to remain in effect until May 17.

All services deemed non-essential have been ordered shut. However, banking services continued with reduced staff strength. Relaxations have been gradually allowed in some areas.

More than 53,000 people have been infected by coronavirus and the death toll in the country is nearing 1,800.

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