NEW DELHI: Chennai-based Tvs Motor Company has reduced salaries across different levels for a period of six months till October 2020 amid plummeting sales in wake of the outbreak of the coronavirus pandemic.

While there will be no Salary cuts for workers, the company has temporarily reduced compensation of executives across levels by 5-20%.

“In the wake of the unprecedent crisis, TVS Motor Company has rolled out a temporary Salary Reduction across different levels for a period of six months (May to Oct, 2020). There will be no salary reduction at the workmen level. However, there will be 5% salary reduction at the junior executive level and about 15% to 20% at the senior management level. It was heartening to see employees coming forward and offering to take salary reduction voluntarily”, said a company spokesperson.

TVS Motor Company has reported a 62% decline in domestic sales at 94,103 units in March 2020. The company’s sales volumes were nil in April on account of the nationwide lockdown imposed to check the spread of the pandemic.