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Tata Son’s board meeting decision may cut salaries of senior management by 15-20%

Tata group looks to cut salaries of senior staff in their company by 15-20%

The Decision was taken at Tata Sons board meeting at 5 June.

The Decision is taken due to the economic impact from covid-19 outbreak and lockdown.

Though the decision was taken by Tata Sons, the holding company of the salt-to-software combination. but this decision will need to be cleared by individual boards and committees.

“Tata Sons’ senior management will take 15-20% salary cut . But, as a corporation , it’s a strength of about 200 employees, therefore the impact are going to be nominal.

The group companies, where the cost-cutting measures are needed and individual companies will need to get this skilled their remuneration committees and boards.

The appraisal cycles and bonuses for Tata Sons and group companies can also be deferred.

But no job cuts are envisaged at now ,” said the person .

Cost-cutting measures are going to be initiated across all verticals, including marketing, human resources and finance. A Tata Sons spokesperson declined to discuss the value optimization plans.

After the committee meeting , Tata Sons had ruled out plans to monetise their assets amid the crisis caused by the pandemic.

“Tata Sons is during a strong financial position with adequate cash flows to support the group companies and new growth initiatives.

Tata Sons isn’t looking to monetise its investments to boost capital,” N. Chandrasekaran, chairman, Tata Sons, had said during a statement.

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