Tesla to cut salaries, furlough workers as COVID-19 shutdowns expected to last until May 4 [TechCrunch Blog]
Tesla, Inc. (TSLA)
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Source: TechCrunch Blog
TeslaPay cuts for salaried employees — which ranges from 30% for vice presidents, 20% for director-level executives and 10% for the remaining workforce — is expected to be in place until the end of the second quarter, according to the email. The salary cuts and furloughs will begin April 13. Employees who cannot work from home and have not been assigned critical onsite positions will be furloughed until May 4, according to the email.“While we are continuing to keep only minimum critical operations running, we expect to resume normal production at our U.S. facilities on May 4, barring any significant changes,” the email from Tesla’s human resources department head Valerie Workman. “Until that time, it is important we take action to ensure we remain on track to achieve our long-term plans.”“This is a shared sacrifice across the company that will allow us to progress during these challenging times,” the email read.Furloughed employees will remain employees of Tesla without pay. They will
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