Rane group restores pay cuts of employees
Chennai: Auto parts supplier, Rane group has restored the salaries and wage cuts effective October, it imposed on its employees as businesses start recovering from crisis according to a report published in The Times of india.The group had cut salaries by 5%-30% to its staff with the senior managerial taking steeper cuts because of covid pandemic
“ We have restored the salaries .First quarter was a washout with complete lock down. During the second quarter we scrambled and managed to meet customer requirements, while the third quarter is slightly better with staff returning. We still need to see if the demand sustains for one or two more quarters to feel comfortable,” said L Ganesh, chairman of the group.
While the demand growth has been steady in the “unlock” phase, some businesses which supply seat belts, airbags are witnessing high growth. “We have invested in adding capacities for these businesses during the first half of this year. As against the budgeted Rs 100 crore, we had invested Rs 80 crore to create additional capacities,” he said.