Coronavirus effect: Corporate executives from MG, Mahindra, Zoomcar donate salaries to contribute

Many of these entrepreneurs are trying to save the juniors from losing jobs and at the same time are helping rebuild the society

By:Published: April 3, 2020 4:25:37 PM

The coronavirus has ensured that we all are locked and stay put at our respective homes. However, it is also putting a strain on economy with companies shut down as well as useable cash at a low. In this hour, Indian businesses are putting their best foot forward to solve this. The country is seeing it’s corporate leaders as well as start-up founders coming forward in doing their bit for the society. Here is a list of those entrepreneurs who have decided to not take salaries and instead contribute them for the welfare of society and companies.

The Mahindra Group chairman, Anand Mahindra, has pledged to donate his entire salary for the coming few months in a bid to strengthen the efforts to combat the novel coronavirus, which has become a threat worldwide. Leading by example, Anand Mahinda has also asked various businesses to also set aside contributions for the lesser privileged in the ecosystem. He has also asked the Mahindra Group to make a fund for other small/medium businesses.

Zoomcar CEO and co-founder, Greg Moran, says, “There will not be pay cuts for employees instead I will defer my entire salary until June and the senior most leaders (VP and above) will defer 50 per cent. This is NOT a salary cut, but simply a partial deferment temporarily. It’s absolutely essential that we take proactive measures to shore up Zoomcar’s future and ensure that we’re well positioned for a return to normalcy later next quarter. All deferred salaries will be paid out on June 30. Salary increments will officially start getting paid from June 30 onwards and this holds true for both standard salary increments and promotion increments.”

Rajeev Chaba, president and managing director of MG Motor India will also donate his salary to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) fund. This contribution by Chaba is separate from the Rs 2 crore aid MG Motors has promised for Covid-19 relief.

Sanjay Sharma, managing director and founder, Aye Finance said that a donation of undisclosed amount has been contributed to the PM cares Fund. This will be used to help health institutions combat the coronavirus. Further, Aye Finance employees have also decided to donate their one day salary to the same fund.

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