JK Tyre, a leading radial technology company in India with a diversified global presence, has announced that in addition to the extensive steps taken to ensure safety and welfare of its employees and their families, the company’s chairman and whole-time directors have announced a voluntary cut in their salary by 25 percent.
The company says the tyre industry has been passing through difficult times owing to unprecedented slow down and disruption in supply chain. This has been aggravated by the impact of Covid 19 pandemic, and it is anticipated that the situation may worsen further.
Dr Raghupati Singhania, chairman and MD, JK Tyre & Industries said, “Presently we are witnessing unprecedented difficult times, with both sales and profitability getting impacted due to Corona virus. 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.”
“The chairman and whole time directors of JK Tyre have taken a voluntary cut in their salary of 25 percent and other senior management personnel have also taken a voluntary reduction in their salary by 15- 20 percent. The pay cut also applies to the global operations,” concluded Dr Singhania.
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