TVS Motor announces 6-month salary cut as sales plummet
by TIMESOFINDIA.COMCHENNAI: TVS Motor Company on Monday announced temporary salary cuts for six months across different levels, the company said in a statement.
In an issued statement TVS Motor Company said, "In the wake of the unprecedented crisis, TVS Motor Company has rolled out a temporary salary reduction across different levels for a period of six months (May to October 2020)."
"There will be no salary deduction at the workmen level. However, there will be 5 per cent salary reduction at the junior executive level and about 15 per cent to 20 per cent at the senior management level. It was heartening to see employees coming forward and offering to take salary reduction voluntarily."
The move has been taken in view of plummeting sales and country-wide lockdown imposed due to the Covid-19 pandemic.
In March 2020, the company had recorded a decline of 55 per cent in sales followed by zero sales in April. TVS also suffered a sharp decline of 62 per cent in the domestic two-wheeler market. The company’s manufacturing facility in Hosur, Tamil Nadu was shut down on March 23 after the announcement of nation-wide lockdown due to Covid-19.