Two-wheeler maker TVS cuts employees' salaries by up to 20 per cent

New Delhi, May 26, 2020, Tuesday

TVS Motors, the country's third-largest vehicle maker, has announced a 20 per cent pay cut for its employees amid a two-month lockdown caused by Korna.

A company spokesperson said a five per cent cut in the salaries of junior executive level employees and a 15 to 20 per cent cut in salaries at the senior management level would be in place for six months from May to October.

The company has restarted all the plants since May 6. These include three plants in India and one in Indonesia. Vehicles are exported to 60 countries of the world through TVS.