The COVID-19 crisis is expected to have a heavy impact on the economy and many corporates have been cutting salaries. Some have also retrenched staff, with the unorganised sector being hit the most. The unemployment rate in India touched 27 per cent in the week to May 3, according to think-tank CMIE.source https://economictimes.indiatimes.com/industry/banking/finance/banking/kotak-mahindra-bank-declares-10-pay-cut-for-staff-with-over-rs-25-lakh-annual-salary/articleshow/75595597.cms
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