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When CEOs take a salary cut!

December 8, 2008

Many corporates across the world are trapped in the economic crisis. With loses mounting, big corporate giant going bankrupt, these are extremely tough times for companies across all sectors.

So it is now the turn of the top corporate honchos to do their best to put their companies on track. Cost-cutting seems to be the mantra with company heads agreeing to take huge pay cuts.

Many CEOs are willing to sign contracts that pay-cut provisions. Here's a look at CEOs who have agreed to forgo their fat pay cheques...

Wolfgang Prock-Schauer, CEO, Jet Airways

Jet Airways CEO, Wolfgang Prock-Schauer will take a 25 per cent pay cut. The top management of the Jet Airways team has taken a voluntary pay cut of 25 per cent.

From December 8, employees earning a gross salary of over Rs 75,000 a month will take a graduated wage cut over the next 12 months.

Pilots will see a wage cut and allowance rationalisation. Jet is cutting down its network and trimming costs to cope with the fall air traffic in the wake of the economic recession.

Image: Chief Executive Officer of Jet Airways, Wolfgang Prock-Schauer (L) listens to a during a press conference in New Delhi| Photograph: Manpreet Romana/AFP/Getty Images

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