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Top management in Axis to take a cut in variable pay

Axis 10The top management at Axis Bank has decided to have a cut in their variable pay. The bank cited its below par performance in the last financial year due to mounting bad loans as the reason for this decision. A senior bank official has been quoted in news reports that the top management will take a cut in the variable pay of anywhere between 20% and 50% and the quantum will depend on various factors, including their role and the departments they work for. The top management in the bank comprises about 100 employees. The decision will not affect the rest of the staff. The bank saw a decline in its net profit, after 46 quarters, in the fourth quarter of last financial year. The management expects this financial year to not be significantly better as pressure on asset quality may continue and the credit growth, especially on the corporate side, continuing to remain sluggish. The variable pay in the bank is linked to corporate performance, business performance and individual performance and ensures differential pay based on the performance levels of employees.

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