For the first time in the conglomerate’s history, the chairman of Tata Sons and chief executive officers (CEOs) of all operating companies will take an estimated 20 per cent reduction in their compensation as a cost-cutting measure to combat the coronavirus crisis.
The move is reportedly aimed at boosting the morale of employees, organisations and ensuring business viability.
Tata Consultancy Services (TCS), was the first to announce a cut for its CEO Rajesh Gopinathan. CEOs and MDs of Tata Steel, Tata Motors, Tata Power, Trent, Tata International, Tata Capital, Voltas and others, will face deduction in their compensation.
These reductions are expected to be made from the bonuses of the current year.
Indian Hotels had also announced that its top management will contribute a percentage of their salary in this quarter to cope up the recovery of the business due to pandemic .
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