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JK Tyre on Tuesday said that its chairman, whole time directors and senior management personnel have taken a voluntary cut in their salary to help tide over the Coronavirus pandemic. 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.
“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 unprecedented slowdowns and disruption in supply chain. This has been aggravated by the impact of COVID-19 pandemic. It is anticipated that the situation may worsen further, the company said. The company said it has taken extensive steps to ensure safety and welfare of its employees and their families.
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