Covid-19 impact: Exide cuts pay by 15-30% across cadres, lower staff spared

Situation will be reviewed end of Q1FY21; With no payment coming in from customers, firms has resorted to bank loans to pay salaries

Financially stressed owing to the ongoing lockdown, Exide Industries has decided to impose a 15-30 per cent salary cut in the upper- and middle-management brackets.

According to a company communication reviewed by Business Standard, the company’s managing director and CEO, Gautam Chatterjee, has taken a 30 per cent pay cut while those at the director, president and vice-president levels will forego 25 per cent of their salary.

General managers and the deputies in this grade will suffer a 20 per cent reduction in salary, while senior managers will get 15 per cent less.

There will be no reduction in salary