COVID-19: JK Tyres Senior Management Takes Voluntary Pay Cut
Published On 31-Mar-2020 23:19:23
The New Delhi-based company will be the second tyre manufacturer after Apollo Tyres Ltd to announce a pay cut for its senior management
JK Tyre and Industries Ltd on Tuesday announced that its Chairman, whole time directors and senior management personnel have taken a voluntary cut in their salary to deal with the adverse impact of Covid-19 on the company’s financials.
While the chairman and whole time directors have taken a 25 per cent cut, senior management personnel have taken a 15-20 per cent cut, the company said in a statement. The pay cut also applies to its global operations, it said.
The New Delhi-based company will be the second tyre manufacturer after Apollo Tyres Ltd to announce a pay cut for its senior management.
“Presently we are witnessing unprecedented difficult times, with both sales and profitability getting impacted due to coronavirus. The 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,” said Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd.
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.