The move comes four days after Apollo Tyres, India’s second largest tyre producer, said that its senior management will take a pay cut of 25%
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.”
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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