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Ramco Systems slashes top managers' pay
By siliconindia
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Thursday, 06 November 2008, 20:30 IST
Chennai: Ramco Systems, a Chennai-based IT solutions company, has decided to cut salaries of their senior managers by 10-15 percent. The move came as an effort to cut costs and will affect nearly 220 of its total 1,663 employees.
This decision comes after the recent cutbacks established by the company. Earlier, Ramco Systems had given pink slips to 200 employees making it 10 percent of the whole workforce, reported Business Standard.
Kamesh Ramamoorthy, Chief Operating Officer confirmed the salary revision, but claimed that the proposal was considered by the executives themselves. "Since the decision has been taken by the managers, it is unlikely to affect their morale", he added.
The alteration has been implemented by converting certain fixed parts of the salary to variable pays. For Ramco, employees' salary accounts for nearly 65 percent of the company's total cost.
Further, Ramco had reported a net loss of Rs 38 crore on total revenue of Rs 272 crore.
