Tag: cut

In a first, Tata Group’s top deck to take up to 20% pay cut, Auto News, ET Auto

In a first, Tata Group's top deck to take up to 20% pay cut
For the 1st time in the Tata Group’s history, the chairman of Tata Sons and CEOs of all functioning companies will acquire an estimated 20% lower in payment as the conglomerate initiates value-cutting actions. The transfer is aimed at primary by illustration, motivating workforce and organisations and ensuring business enterprise viability, insiders reported.

TCS, the group’s flagship and its most worthwhile business, was the 1st to announce a lower for CEO Rajesh Gopinathan. Indian Accommodations has by now reported its senior leadership will “contribute a percentage of their income this quarter to assistance with the survival period of the company”.

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OPEC and oil nations agree to cut nearly 10M barrels per day

DUBAI, United Arab Emirates — OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

The cartel and other nations agreed to allow Mexico to cut only 100,000 barrels a month, a sticking point for an accord initially reached Friday after a marathon video conference between 23 nations. They reached the deal just hours before Asian markets reopen Monday as international benchmark Brent crude traded at just over $31 a

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

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

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Penske Automotive to cut executive pay, furlough employees, postpone capital expenditures

Penske Automotive Group stated it is slashing government pay, furloughing staff, suspending $a hundred and fifty million in funds expenses and using a selection of other ways to “to assistance mitigate the fiscal and operational affect of COVID-19.”

CEO Roger Penske and President Robert Kurnick will accept no income for the length of the coronavirus outbreak, though executives and administrators across the enterprise also are using pay cuts, Penske spokesman Anthony Pordon stated Monday. Pordon stated Penske was not disclosing how numerous staff would be furloughed, nor how numerous would see reductions in compensation, or how considerably. The enterprise also

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BMW aims to cut Europe CO2 emissions by 20% | Automotive Industry News

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