TVS Motor Company adopts salary cuts for employees
To get through the pandemic phase, the company informed that its employees voluntarily proposed the salary cut for a few months.
At a time when the industry is paralysed by the Covid-19 contagion, two-wheeler manufacturer TVS Motor Company has decided a pay cut for its employees starting from the month of May, as a result of a significant fall in its sales.
According to a media report, the company's chief executive officer KN Radhakrishnan communicated the decision to employees on May 23.
“The company has chosen to roll out a salary reduction across different levels for a period of six months, starting May 2020 to October 2020. We will review the situation depending on the business condition that exists then”, said the internal communication, as per the report.
However, the company has not yet declared the quantum of salary reduction across different levels.
To get through the pandemic phase, the company informed that its employees voluntarily proposed the salary cut for a few months. Meanwhile, the two-wheeler maker paid full salaries to its employees for the month of April.
Earlier, Bajaj Auto also decided for salary cuts to its employees for the month of April, however planned to go against it later.
Other organisations like the Tata Group have recently announced a 20 percent pay cut at its top deck. Auto component manufacturer Rico Group’s senior executives have taken 100 percent paycut for three months.
The move comes as part of the cost-cutting measures due to the economic downturn in the country, aggravated by the coronavirus pandemic.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Next ICL Boulby sets new weekly polyhalite mining record
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
