JK Tyre leadership team takes pay cut amid coronavirus pandemic

JK Tyre and Industries on Tuesday said its leadership team has decided to take a pay cut due 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..