<p>Private sector IDFC First Bank on Monday said its senior management has voluntarily taken a pay cut of 10 per cent due to coronavirus pandemic, while the CEO offered to surrender as much as 30 per cent of his salary.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-in-india-news-live-updates-total-cases-deaths-covid-19-tracker-today-worldometer-update-lockdown-40-latest-news-838583.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>The senior management has volunteered to take a 10 per cent cut in compensation in the current financial year 2020-21, IDFC First Bank said in a statement.</p>.<p>IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.</p>.<p>The Bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees, it added. </p>.<p>This is in keeping with the bank's philosophy of honouring its commitments in all circumstances, it said.</p>.<p>The bank also paid 100 per cent variable pay to 78.2 per cent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.</p>.<p>Further, the bank said that its staff have voluntarily contributed one day's salary totalling Rs 3.29 crore to the PM CARES Fund.</p>.<p>In addition, it contributed Rs 5 crore to the PM CARES Fund as also MD and CEO Vaidyanathan personally contributed Rs 47 lakh towards COVID-19 relief work.</p>.<p>In total, Rs 10.86 crore has been contributed towards the COVID Relief related activities so far and a large number of these activities are centred in Maharashtra.</p>.<p>Besides, the new age mid-sized lender has also launched a number of COVID relief initiatives that involved its customers and employees.</p>.<p>Ask-for-Mask, Gaon-Gaon Mask, Shramik-Sahayata Program, Share-a-meal, Jaankari mein Samajhdari, COVID Warrior-on-Wheels, and Give India Foundation programme are among the bank's COVID relief initiatives.</p>.<p>Under these programmes, it has selected women customers and is paying them at commercial rates for producing 3.5 lakh masks. </p>
<p>Private sector IDFC First Bank on Monday said its senior management has voluntarily taken a pay cut of 10 per cent due to coronavirus pandemic, while the CEO offered to surrender as much as 30 per cent of his salary.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-in-india-news-live-updates-total-cases-deaths-covid-19-tracker-today-worldometer-update-lockdown-40-latest-news-838583.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>The senior management has volunteered to take a 10 per cent cut in compensation in the current financial year 2020-21, IDFC First Bank said in a statement.</p>.<p>IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.</p>.<p>The Bank has honoured all offers that were made to new hires before the pandemic, including all lateral hires as well as 550 management trainees, it added. </p>.<p>This is in keeping with the bank's philosophy of honouring its commitments in all circumstances, it said.</p>.<p>The bank also paid 100 per cent variable pay to 78.2 per cent of employees for the period pertaining to 2019-20 despite the arrival of the pandemic, IDFC First Bank said.</p>.<p>Further, the bank said that its staff have voluntarily contributed one day's salary totalling Rs 3.29 crore to the PM CARES Fund.</p>.<p>In addition, it contributed Rs 5 crore to the PM CARES Fund as also MD and CEO Vaidyanathan personally contributed Rs 47 lakh towards COVID-19 relief work.</p>.<p>In total, Rs 10.86 crore has been contributed towards the COVID Relief related activities so far and a large number of these activities are centred in Maharashtra.</p>.<p>Besides, the new age mid-sized lender has also launched a number of COVID relief initiatives that involved its customers and employees.</p>.<p>Ask-for-Mask, Gaon-Gaon Mask, Shramik-Sahayata Program, Share-a-meal, Jaankari mein Samajhdari, COVID Warrior-on-Wheels, and Give India Foundation programme are among the bank's COVID relief initiatives.</p>.<p>Under these programmes, it has selected women customers and is paying them at commercial rates for producing 3.5 lakh masks. </p>