Drastic time call for drastic measures. Employers around the world are looking at their balance sheets and making sacrifices wherever possible. As such, FCA has announced temporary pay cuts for salaried employees. CNBC broke the story last night. Starting at the top, the Elkann family and the boardmembers will forego their remaining compensation for the year.
CEO Mike Manley and other top brass will take a 50% cut, and all other salaried employees are taking cuts at a minimum of 20%. This follows the lead set by GM and Ford who have been quick to transition to making medical supplies. The plan is for this to last for 3 months, then they will take another look at the books. So stay with us for all your FCA news.