India's Third Largest Drugmaker Cipla Freezes Pay for 300 to 400 Top Managers

MUMBAI: Cipla, India’s third-largest drugmaker by revenue, has decided to trim its ballooning employee cost by freezing increments of 300-400 of its top managers as part of the company’s operational revamp.

In the past five years, Cipla has been a laggard among its peers as management and operational changes dragged the company’s profits down. Cipla’s employee cost has trebled in the past four years, mostly because of several senior

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