TVS Motor cuts staff salaries by up to 20% as sales plummet
There will be 5 per cent salary reduction at the junior executive level and about 15 to 20 per cent at the senior management level
New Delhi: TVS Motor Company has cut staff salaries by up to 20 per cent for a period of six months, beginning May, amid coronavirus pandemic.
The two-wheeler major has decided to reduce salaries at executive level, barring entry level workmen, from May till October this year.
"In the wake of the unprecedent crisis, the company has rolled out a temporary salary reduction across different levels for a period of six months (May to Oct, 2020)," a TVS Motor Company spokesperson told PTI.
There will be no salary reduction at the workmen level, the spokesperson added.
Elaborating on the pay cut, the spokesperson said there will be 5 per cent salary reduction at the junior executive level and about 15 to 20 per cent at the senior management level.
TVS Motor Company, which is the third largest two-wheeler firm in the country, had resumed operations at all of its manufacturing facilities across the country on May 6.
The company has four manufacturing plants, three located in India (Hosur in Tamil Nadu, Mysore in Karnataka and Nalagarh in Himachal Pradesh) and one in Karawang, Indonesia.
Besides catering to the domestic market, the two-wheeler maker also exports products to over 60 countries.