Tyres and tubes company, JK Tyre & Industries, on March 24 said its senior management has come forward to take a voluntary 15-20 per cent pay cut, as business has been hit by the coronavirus pandemic.
In an official statement, Raghupati Singhania, chairman and managing director, JK Tyre & Industries, said, “Presently, we are witnessing unprecedented difficult times, with both sales and profitability getting impacted due to coronavirus.”
Accordingly, in this moment of crisis, the administrative group has taken a uniformed decision to bear a reduction in their pay rates.
“Chairman and whole-time directors have taken a voluntary cut of 25 per cent in their salaries, while other senior management personnel have also taken a voluntary reduction in their salary by 15 to 20 per cent,” shared Singhania, also adding that pay cuts also apply to the Company’s global operations.
The pandemic has left a lot of businesses stranded, especially where the senior management was unprepared for such losses. To cope up in the midst of crisis, the leadership teams of several companies have decided to take voluntary pay cuts.