STL Cuts Salaries For Nearly Half Its Workforce By 15-25%
Sterlite Technologies (STL) has announced compensation cutbacks of 15-25 per cent for its workers, affecting mid to senior-level employees.
The Pune-based optic fibre cable maker employs over 3,500 people, and the compensation cuts are part of a strategic reorganisation effort targeted at operational savings and long-term growth. The salary cuts affect more than half of the staff, who are classified as mid to senior.
According to reports, Vedanta Group's manufacturing company is facing challenges after laying off over 100 people from non-core operations last year in order to decrease operational expenses. The slowdown in business has resulted in wage cuts for Vice Chairman Pravin Agarwal and Managing Director Ankit Agarwal, which are intended to compensate for the company's INR 3,121 crore debt.
According to media sources, a corporate spokeswoman refuted the wage cutting report, stating, "There have been no pay cuts/CTC reductions for even a single employee in the company."
