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IL&FS plans to slash 65% workforce to revive firm

Dec 05, 2018 14:01 IST

In a bid to revive the 91,000 crore rupee debt-laden firm, the IL&FS group has planned to slash two-thirds of it's workforce. The state-appointed Uday Kotak-led board submitted a plan where the group is planning to cut 65 per cent of staff and also reduce the 1,066 crore rupee wage outgo by half. The firm also plans to save 100 crore rupees by implementing salary cuts and halting consultation payments to retired employees.

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