TVS Motor Company Ltd. has announced a temporary reduction in the salary of junior executives and senior management for six months, starting May 2020, due to COVID-19.
“In the wake of the unprecedented crisis, TVS Motor Company has rolled out a temporary salary reduction for a period of six months from May to October 2020. There will be no salary reduction at the workmen level,” said an official spokesman.
“There will be a 5% salary reduction at the junior executive level and about 15% to 20% at the senior management level.It was heartening to see employees coming forward and offering to take salary reduction voluntarily,” he added.
During the month of April 2020, the company registered zero sales in the domestic market, as the plants werehad been shut down due to the pandemic. Given the uncertainty conditions prevailing in the market and that it might take quite a few quarters to stabilise, it was decided to effect the temporary salary reduction, said an official on the condition of anonymity.
TVS Motor had suspended its operations across its production units in Hosur, Mysuru and Nalagarh on March 22, 2020 and resumed operations on May 6.
