As the automotive and its dependent industries continue to go through a testing time due to the outbreak of Coronavirus, a handful of them has announced plant shutdowns and pay cuts in order the deal with the losses incurred. After Apollo tyres' leadership team announced a voluntary pay cut, JK Tyre has now issued an official statement announcing the same.
The company's Chairman & Managing Director, Raghupati Singhania said, “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.”
He further said, ”Chairman and Whole-time Directors of JK Tyre have taken a voluntary cut in their salary of 25% and other senior management personnel have also taken a voluntary reduction in their salary by 15- 20%. Pay cut also applies to its global operations.”
The company has also taken extensive steps to ensure the safety and welfare of its employees and their families. In addition to one of the worst slowdowns in the auto industry that has longed for more than a year now, the precautionary measures of COVID-19 outbreak have stopped production and majorly impacted the revenue of the companies.