Sterlite Technologies has announced salary cuts of 15-25% for its workforce, and the roles to be affected by the decision include mid to senior-level employees.

The Pune-based optic fibre cable manufacturer has an employee base of more than 3,500 workers, and the salary cuts constitute a significant aspect of strategic restructuring aimed at operational efficiencies and sustainable growth. The salary cuts impacts over 50% of the workers, who are classified within the mid to senior levels.

Reportedly, Vedanta Group's manufacturing company is experiencing challenging times, as the company laid off over 100 employees from non-core functions last year to reduce operational costs. The slowdown in business has resulted in salary cuts affecting Vice Chairman Pravin Agarwal and Managing Director Ankit Agarwal as well, aimed at compensating for the company's INR 3,121 crore debt.

According to media reports, the company spokesperson has denied the salary cuts report saying, “There have been no pay cuts/CTC reductions for even a single employee in the company.”

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The spokesperson added, “In the wake of the current market scenario and to position the company for long-term success, we have temporarily restructured the compensation structure for mid to senior-level employees.” However, employees have confirmed that salary cuts have been affecting Band 4 and above employees since January 2024, hinting at uncertainty within the company.