Apollo Tyres, the country’s largest tyre manufacturer, said its top management will take a 15-25 per cent pay cut as a result of the significant decline in business following the outbreak of coronavirus in important markets such as Europe, North America and India.
Apollo Tyres said “chairman and managing director Onkar S. Kanwar and vice-chairman and managing director Neeraj Kanwar...announced a 25 per cent reduction in salary during these tough, testing times”.
The senior management has also taken a voluntary 15 per cent reduction in salary. The pay cuts will affect all senior management at the global level.
In Europe, Apollo’s business has been impacted as vehicle manufacturers such as Volkswagen, Renault and Groupe PSA have decided to shut factories. Apollo Tyres is the second company after Interglobe Aviation, the country’s largest airline, to announce a pay cut for employees.
Videoconferencing
The corporate affairs ministry has allowed companies to conduct board meetings through video conference and other audio visual means till June 30.
Finance minister Nirmala Sitharaman’s office on Friday tweeted the advisory as well as the notification regarding the relaxation in board meeting norms. She is also the corporate affairs minister.
“The government has decided to relax the requirement of holding board meetings with physical presence of directors in view of #Covid-19,” the minister’s office said in the tweet.
