Crisis-hit IL&FS to cut 65% jobs to halve wage bill

In an indication that the crisis in IL&FS is likely to translate into job losses, the Uday Kotak-led board has said that it will bring down total manpower of the group by approximately 65%, which will result in a 50% reduction in its wage bill. The new board said that it will be taking up ‘manpower optimisation’ initiatives across the IL&FS Group in two phases.