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JK Tyre leadership team takes pay cut amid coronavirus pandemic

Business Finance

Press Trust of India  |  New Delhi 

JK Tyre and Industries on Tuesday said its leadership team has decided to take a pay cutdue to difficult business hit by coronavirus pandemic.

"Presently we are witnessing unprecedented difficult times, with both sales and profitability getting impacted due to coronavirus," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said in a statement.

In response and acting in a show of solidarity in this critical time, the leadership team has come forward for a reduction in their salaries, it added.

"Chairman and whole time directors have taken a voluntary cut in their salary of 25 per cent and other senior management personnel have also taken a voluntary reduction in their salary by 15- 20 per cent," Singhania said.

Pay cut also applies to company's global operations, he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, March 24 2020. 15:00 IST