Coronavirus: Apollo Tyres & JK Tyres top management takes 15-25% pay cut

TusharK · 20th March 2020, 22:57

The top management of Apollo Tyres has voluntarily decided to take a pay cut in the wake of the coronavirus (COVID-19) crisis.

Coronavirus: Apollo Tyres & JK Tyres top management takes 15-25% pay cut-apollo.jpg

The Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar today announced a 25% reduction in their salary. Other members of the senior management have also taken a 15% reduction in their salary.

The decision was take as the pandemic has started impacting sales and profitability and it is believed that the worst is yet to come.

Link to Team-BHP News

whitewing · 21st March 2020, 06:42

Quote:

Originally Posted by TusharK

The top management of Apollo Tyres has voluntarily decided to take a pay cut in the wake of the coronavirus (COVID-19) crisis.

Attachment 1981915

The Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar today announced a 25% reduction in their salary. Other members of the senior management have also taken a 15% reduction in their salary.

If it were for other companies one would have applauded the spirit behind it. But in case of appolo, there was a controversy in the promoter position being abused to get salary hikes even with falling profit.
https://www.livemint.com/Auto/cZb9l6...even-as-p.html

Nevertheless, hope this move saves some jobs.

GTO · 23rd March 2020, 10:22

Such an announcement is usually a precursor to salary reductions for the staff below. It will come, this is inevitable. Salary cuts are best executed in a top-down manner.

TusharK · 24th March 2020, 15:43

The top management of JK Tyre has decided to take a pay cut as sales and profitability of the company is getting affected by the coronavirus crisis.

Coronavirus: Apollo Tyres & JK Tyres top management takes 15-25% pay cut-jktyre.jpg

The Chairman and Whole time Directors of JK Tyre have taken a voluntary cut in salary of 25%, while the senior management have taken a 15-20% reduction in their salary. The pay cut also applies to the company's global operations.

According to the company, the tyre industry has been witnessing difficult times due to the slow down and disruption in the supply chain. The Covid-19 pandemic has worsened the situation.

JK Tyre has also taken steps to ensure safety and welfare of its employees and their families.

Link to Team-BHP News

20th March 2020, 22:57	#1
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,266 Thanked: 55,817 Times	Coronavirus: Apollo Tyres & JK Tyres top management takes 15-25% pay cut The top management of Apollo Tyres has voluntarily decided to take a pay cut in the wake of the coronavirus (COVID-19) crisis. The Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar today announced a 25% reduction in their salary. Other members of the senior management have also taken a 15% reduction in their salary. The decision was take as the pandemic has started impacting sales and profitability and it is believed that the worst is yet to come. Link to Team-BHP News Last edited by TusharK : 20th March 2020 at 23:03.
	(10) Thanks

23rd March 2020, 10:22	#3
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 70,534 Thanked: 300,737 Times View My Garage	Re: Coronavirus: Apollo Tyres' top management takes 15-25% pay cut Such an announcement is usually a precursor to salary reductions for the staff below. It will come, this is inevitable. Salary cuts are best executed in a top-down manner.
	(3) Thanks

24th March 2020, 15:43	#4
TusharK Senior - BHPian Join Date: Jul 2017 Location: Pune Posts: 6,266 Thanked: 55,817 Times	Covid-19: JK Tyre's top management takes pay-cut The top management of JK Tyre has decided to take a pay cut as sales and profitability of the company is getting affected by the coronavirus crisis. The Chairman and Whole time Directors of JK Tyre have taken a voluntary cut in salary of 25%, while the senior management have taken a 15-20% reduction in their salary. The pay cut also applies to the company's global operations. According to the company, the tyre industry has been witnessing difficult times due to the slow down and disruption in the supply chain. The Covid-19 pandemic has worsened the situation. JK Tyre has also taken steps to ensure safety and welfare of its employees and their families. Link to Team-BHP News
	(2) Thanks