One of India’s leading and reliable tyre makers, JK Tyre, is also feeling the heat due to COVID-19 and its economic impact. The entire Tyre Industry is witnessing an unprecedented slow down and delays in the supply chain. According to industry experts, the situation may get even worse. Taking notice of the prevailing difficult situation, Dr. Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd, has made an important announcement.
Dr. Singhania told that the company is facing sales and profitability problems due to Coronavirus with less demand and difficulty in running all the operations smoothly. However, he made it clear that the company is doing its best to ensure the safety and welfare of its employees and their families. He emphasised that together the TEAM JK TYRE will weather the storm and emerge as winners in these difficult times.
He further said that in response to this critical situation, the management of JK Tyre has decided to go for a reduction in salaries. The Chairman and Whole-time Directors of the tyre maker have taken a voluntary cut in their salary of 25% and other senior management personnel have also taken a voluntary reduction in their salary by 15- 20%. He also made it clear that these pay cuts also apply to its global operations.
About JK Tyre:
The pioneers of Radial technology in India, JK Tyre has a diversified and multinational presence. The company has over 130 sales service and stock points throughout India. They also have an extensive network of over 3,500 dealerships across the country. JK Tyre is a part of the multi-billion dollar J. K. Organisation.