STL cut salaries of half its staff by 15–25% after layoffs
The STL was under pressure to make the decision because of difficult business conditions that were made worse by a dearth of fresh orders.
About half of Sterlite Technologies’ (3,500) employees now earn 15–25 percent less in salary. This choice was made since the business is under a lot of pressure due to challenging business circumstances that have been made worse by a dearth of new orders.
Sterlite Technologies saw a significant transformation in 2023. Approximately 100 individuals, including senior managers, lost their jobs as a result of the reorganization.
The corporation opted to sell off a portion of its non-core operations after this reorganization, since the market was shifting. In order to weather the financial storm, STL looked for methods to reduce expenses and save money. STL is a Pune, Maharashtra-based company that focuses on digital and optical technologies.
The pay cuts had a significant impact on senior executive-level employees, especially those in Band 4 and above, which left the workforce quite confused. While STL formally denied instituting pay reductions, it acknowledged that, in order to adapt to market realities, it had temporarily restructured mid- to senior-level employees’ compensation.
The company’s annual report for 2023 states that Ankit Agarwal, the managing director of STL, received Rs 3.94 crore in remuneration, while Pravin Agarwal, vice chairman and full-time director of STL, received Rs 8.17 crore.
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