Coronavirus impact | Apollo Tyres CMD takes 25% pay cut, top management to take 15% hit
It cited “rapidly deteriorating market conditions caused by the COVID-19 pandemic,” as the reason
March 20, 2020 / 02:36 PM IST
Onkar Kanwar, CMD, Apollo Tyres
The top management of Apollo Tyres has taken voluntary pay cut taking into account impact of the coronavirus (COVID-19) pandemic on the automotive industry, the company informed the exchanges on March 20.
Chairman and Managing Director Onkar S Kanwar and Vice CMD Neeraj Kanwar have taken a pay cut of 25 percent each while the senior management will be taking a 15 percent hit in their salaries.
Track this blog for live updates on the coronavirus outbreak
"This is an incredibly difficult time for our employees and their families. We are in unchartered waters but will work together and make the necessary sacrifices to steer Apollo Tyres to overcome this period," Kanwar said.
Apart from them, in as show of solidarity, other top management have also taken 15 percent voluntary pay cut. It cited "rapidly deteriorating market conditions caused by the COVID-19 pandemic", as the reason.
Earlier, Interglobe Aviation, the operator of India's largest airline IndiGo, had announced a pay cut of employees due to the adverse impact of the coronavirus outbreak on its operations.
The coronavirus outbreak has smothered the growth prospects of the Indian corporate sector, already hobbled by a prolonged slowdown and disruption caused by the tardy rollout of the Goods and Services Tax.