MUMBAI: TVS Motor Company Ltd, the maker of Apache motorcycles, has announced a cut in employees' salaries for six months, starting May.
The company has clarified there will be no salary reduction at the workmen level. “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," a company spokesperson said late Monday.
Salaries will be reduced to the extent of 5% for junior executives and 15-20% at the senior management level. “It was heartening to see employees coming forward and offering to take salary reduction voluntarily," the spokesperson said.