IL&FS to slash 65% jobs, cut salaries as part of turnaround
The government-appointed board at Infrastructure Leasing & Financial Services (IL&FS) plans to cut 65% of the jobs in a bid to revive the conglomerate. This will reduce the group's wage bill by half, according to the Uday Kotak-led board. The group also plans to cut salaries and discontinue consultancy services of retired employees, which will save IL&FS â¹100 crore annually.