has restructured the salaries of its senior leadership team for the present monetary 12 months by shifting up to 30 per cent of their whole price to firm (CTC) to variable pay class.

The financial institution stated the leadership team had taken a voluntary resolution for restructuring of their compensation bundle. Earlier, the compensation on CTC foundation was mounted at 100 per cent, Managing Director and Chief Executive Prashant Kumar stated.

About 300 workers would come underneath the ambit of voluntary resolution.

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At YES Bank, the bonus-performance linked compensation was outdoors of CTC. It was based mostly on

administration’s discretion.

The Reserve Bank of India, in November 2019, had issued tips for compensation to chief executives, materials threat takers, and management perform workers. The variable pay might be within the type of share-linked devices or a mixture of money and share-linked devices. The complete variable pay might be in money solely in circumstances the place guidelines and rules don’t allow share-linked devices.

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YES Bank’s funds to and provisions for workers stood at Rs 2,599.87 crore in FY20, increased than Rs 2,469.77 crore in FY19. For FY20, it posted a whopping loss of Rs 16,418.02 crore on standalone foundation, as towards a internet revenue of Rs 1,720.27 crore within the earlier fiscal 12 months.