New Delhi: For the first time in the history of the Tata group, the salaries of other top executives, including the chairman of Tata Sons, will be cut. The chairman of Tata Sons and the CEOs of other group companies have decided to cut their salaries by about 20 per cent. Actually, economic activity has come to a standstill due to the lockdown. Which has impacted all types of businesses. In this sequence, the Tata group has now decided to cut the salaries of its top executives.
According to a report in the Economic Times, those aware of the matter have stated that the purpose of deducting the salary of senior officials is to encourage the institute and employees and keep the business strong. In fact, Rajesh Gopinathan, the CEO of Tata Group's TCS company, first announced his salary cut. Indian Hotels has also told its senior officials that in this quarter, they should leave some part of their salary to help the company.
This decision to cut salary will be covered by CEOs and MDs of various companies including Tata Steel, Tata Motors, Tata Power, Trent, Tata International, Tata Capital and Voltas, whose salaries can be cut by around 20 per cent. Officials aware of this matter say that this deduction is being made especially in the bonus of the current year.