JK Tyre & Industries, one of India’s largest tyre makers, announced that salaries of senior management will be slashed voluntarily to battle the erosion in sales and profitability.
The chairman and whole-time directors of JK Tyre have taken a voluntary pay cut of 25 percent. Other senior management personnel have decided to take a salary cut of 15-20 percent. The pay cut also applies to its global operations, the Delhi-based company said in a statement.
The move comes four days after Apollo Tyres, India’s second largest tyre producer, said its senior management, including CMD Onkar S Kanwar and Vice Chairman and MD Neeraj Kanwar, had taken a 25 percent voluntary reduction in their salaries.
Raghupati Singhania, CMD, JK Tyre & Industries, said, “At present, we are witnessing unprecedented and difficult times, with both sales and profitability getting impacted due to the coronavirus outbreak. In response and acting in a show of solidarity at this critical time, team JK Tyre has come forward for a reduction in their salaries.”
The tyre industry has been passing through difficult times owing to the unprecedented slowdown and disruption to supply chains. This has been aggravated by the impact of novel coronavirus, or COVID-19, pandemic. It is anticipated that the situation may worsen further, JK Tyre said.To catch all the live action on the coronavirus pandemic, click here…
The pandemic has forced every two and three-wheeler, car, truck, bus, electric vehicle and earth moving producing company to shut production at least for a week. Many auto component suppliers too have downed shutters over the past few days.
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