29/11/2020

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FCA to defer 20% of salaried workers’ pay; Manley to take 50% cut

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DETROIT — Fiat Chrysler Automobiles is deferring 20 per cent of salaried workers’ pay from April via June and CEO Mike Manley will have his income lower by half as the organization deals with the fallout of the coronavirus pandemic.

Manley stated in a note to staff Monday that, commencing April 1, he will receive half his normal pay for the following a few months. The other 19 customers of FCA’s Team Government Council will consider a 30 per cent lower.

FCA Team Chairman John Elkann and other customers of the board of directors will receive no compensation for the rest of the calendar year, an FCA spokesman stated.

Manley stated the organization will talk to most salaried staff globally who are “not impacted by local downtime designs” to consider a 20 per cent income deferment. Manley stated the method will change by state and that “agreements may be required.” The FCA spokesman stated the salaried cuts will final a few months. It wasn’t straight away obvious when the deferred earnings would be paid out out.

The deferrals are aimed at averting layoffs of lasting staff, Manley stated in the letter.

“Protecting the financial overall health of the organization is everyone’s responsibility and obviously starts off with myself and the management of FCA,” Manley stated.

Standard Motors final week declared a comparable 20 per cent deferral for salaried staff, however it stated the cuts could final 6 months. It promised to repay the lost total, with fascination, by March 2021.

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