Apollo Tyres Leadership Team Announces Pay Cut Due to Coronavirus

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Apollo Tyres. (Image source: Reuters)

Apollo Tyres. (Image supply: Reuters)

Apollo Tyres has confirmed that the pay cuts will have an effect on all senior administration on the world degree.

  • News18.com
  • Last Updated: March 20, 2020, 2:19 PM IST
  • Edited by: Anirudh SK

The Apollo Tyres Leadership Team has introduced a voluntary discount in pay because of the impression of COVID-19 on the automotive trade. The Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar right this moment introduced a 25 per cent discount of their wage throughout these powerful, testing occasions. Furthermore, the Senior Management has additionally taken a voluntary discount of their wage by 15 per cent in a present of solidarity because of the quickly deteriorating market circumstances attributable to the Covid-19 pandemic.

Apollo Tyres has confirmed that the pay cuts will have an effect on all senior administration on the world degree. Coronavirus is impacting gross sales and profitability throughout the automotive trade as anticipation builds that the worst is but to return with Covid-19.

Commenting on this, Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres Ltd stated, “This is an incredibly difficult time for our employees and their families. We are in unchartered waters but as ‘One Family’ we will work together and make the necessary sacrifices to steer Apollo Tyres in the right direction, to overcome this period. We are experiencing slowing demand and disrupted supply chains due to Covid-19. We are working on further measures which we will provide updates on, as we make final decisions.”

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