With the number coronavirus cases rising in the country, many industries have seen a severe blow to their revenues. Aviation, hospitality, and auto have been among the hardest hit besides a host of other industries as well.

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The outbreak of the epidemic comes at a time when most companies are already grappling with weak demand because of a sluggish economy.

Prime Minister Narendra Modi, on March 19, appealed to Indian corporates to act in a humane manner and not cut the pay of employees amidst the coronavirus pandemic. “Take care of the economically disadvantaged. Do not cut their pay for not turning up to work,” said PM Modi in an address to the nation.

Already there have been instances of top managements announcing pay cuts in a graded manner that the lowest paid employees of the organisation are not affected.

In an interview with CNBC-TV18, Vikram Kirloskar, vice chairman, Toyota Kirloskar Motor, and president, Confederation of Indian Industry said that he has written to all members requesting leaders to take a pay cut but not the employees.

Meanwhile, domestic airline IndiGo has already announced pay cut for employees, including that of the CEO Ronojoy Dutta, by up to 25 percent starting April 1, 2020, the airline's CEO told employees in a mail.

"With a great deal of reluctance and a deep sense of regret we are therefore instituting pay cuts for all employees excluding bands A & B, starting 1st April 2020,” Dutta wrote in the mail.

“I am personally taking a 25 percent pay cut, SVPs and above are taking 20 percent, VPs and cockpit crew are taking a 15 percent pay cut, AVPs, Bands D along with cabin crew will take 10 percent and Band Cs, 5 percent," the mail said.

In another such example, Apollo Tyres Onkar S Kanwar, Vice Chairman Neeraj Kanwar and other senior management personnel will take pay cuts, amid slowing demand due to the coronavirus pandemic.

"Chairman and Managing Director Onkar S Kanwar and Vice Chairman and MD Neeraj Kanwar announced a 25 percent reduction in their salary during these tough, testing times," Apollo Tyres said in a filing to the BSE.

Furthermore, the senior management has taken a voluntary reduction of 15 percent in salary in a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic.

Government-owned Air India also announced that it may cut the salary of employees by 5 percent amid its growing financial woes particularly in the wake of the coronavirus pandemic.

Bajaj Auto MD Rajiv Bajaj said that he would prefer cutting salaries than jobs in the current environment.