C K Birla-group company Hindustan Motors (HM) has cut the salaries of its managers and executives by 10-12.5 per cent to tide over the slump in demand for its passenger cars and auto-component businesses.
An HM official told PTI that the company has cut the salaries of executives and managers from November between 10-12.5 per cent on CTC basis.
For the workers,the net salaries had been reduced by Rs 400 per month which took effect from January this year.
The official said this was one of the measures which HM had adopted in these challenging times. The company has around 2,500 workers on its payroll and 275 executives and managers.
The company was also looking for other business avenues,the official said.
He said since the auto-component and passenger cars businesses were facing a falling demand,the company is planning to enter non-automotive businesses,like supplying components for railways,power transmission and infrastructure companies,where the slowdown is not as big as the auto-components business.