NAFED announces 10% salary cut

In an attempt to bring down operating costs and make up for a 2000 crore debt, NAFED announced plans to cut salaries of employees by 10 per cent and also offer voluntary retirement. At present the company’s administrative expenses are twice the income and the company has a negative net worth of Rs 147 crore. The voluntary retirement scheme has been offered to 500 employees.

Read the Economic Times news report here.