The pandemic has caused a great crash in the Economy. As such, some companies have opted to lay off employees, while others have decided upon deduction in salaries.
Recently, the manufacturer of Apache motorcycles, TVS Motor Company Ltd, has stated that the employees’ salaries would be deducted for a period of six months starting this May.
However, there will be no reduction in workmen’s salaries. The junior executives’ salary will be reduced by 5% and that of senior management officers will have a reduction of 15-20%.
A company spokesperson said on Monday, “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”.
He also said that the employees themselves have come forward to offer salary reductions voluntarily and this act is appreciable.
One of the leading automobile manufacturers saw a sales crash of 51% in passenger cars, 88% in commercial vehicles, 58% in three-wheelers, and 40% in two-wheeler categories from March due to the lockdown restrictions because of the COVID pandemic.
The Siam (Society of Indian Automobile Manufacturers) said that TVS Motors has seen a sales crash of over 60% on three and two-wheelers in March.
Following a shutdown for more than 40 days, TVS Motor recommenced its production in Hosur, Mysuru, and Nalagarh on 6 May.
