Tesla will slash salaries by as much as 30%, amid COVID-19 crisis.
The electric carmaker has felt compelled to scale back production, as coronavirus pandemic refuses to die down. Next Monday onwards, the company’s U.S. employees at the director and vice president-level roles and above will see pay cuts of 20% to 30%. Everyone else in the company will receive a salary cut of 10%, according to an internal email (as reported by TheStreet).
The pay reductions are expected to remain through to the end of June. Pay rises and equity grants will be held off.
Employees of Tesla’s who can’t work from home will be furloughed without pay, though they will keep healthcare benefits, according to the internal email . (as reported by TheStreet).
Tesla is running "minimum critical operations" at present, and expects to go back to full operations at U.S. plants in early May unless there are any significant changes, as indicated in the email.