JK Tyres' leadership team takes pay cut amid coronavirus crisis in India
JK Tyre on Tuesday said that its leadership team in India has decided to take a pay cut in view of the challenging conditions arising out of coronavirus pandemic in India.
Admitting that the tyre industry has been passing through difficult times due to slow down and disruptions in supply chain which has now been aggrevated by coronavirus pandemic, JK Tyre informed in a press statement that it remains determined to emerge successfully from testing times. "Presently we are witnessing unprecedented difficult times, with both sales and profitability getting impacted due to coronavirus," said Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd. "Team JK Tyre is putting together its might to emerge as winners in this challenging situation. In response and acting in a show of solidarity in this critical time, it has come forward for a reduction in their salaries."
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The Chairman and Whole time Directors of JK Tyre have taken a voluntary cut in their salary of 25%. Other senior management personnel have also taken a voluntary reduction in their salary by 15- 20%. "Pay cut also applies to its global operations," the company informed.
JK Tyre further stated that it has taken extensive steps to ensure safety and welfare of its employees and their families. Details of these were not given.
PTI adds: Apollo Tyres has said its Chairman Onkar S Kanwar, Vice Chairman Neeraj Kanwar and other senior management personnel will take pay cuts, amid slowing demand due to the coronavirus pandemic.
"Chairman and Managing Director Onkar S Kanwar and Vice Chairman and MD Neeraj Kanwar...announced a 25 per cent reduction in their salary during these tough, testing times," Apollo Tyres said in a filing to the BSE.
Furthermore, the senior management has taken a voluntary reduction of 15 per cent in salary in a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic.