April 01, 2020 (MLN): The Leadership Team of Interloop Limited (ILP) has announced a voluntary reduction in pay with effect from 1st April 2020. CEO Interloop has announced that he will not be drawing any salary until this challenging time passes away owing to the Coronavirus pandemic.
Furthermore, Executive Director, Presidents & Vice Presidents have taken a voluntary cut of 30% in their salaries and other senior management personnel have taken a voluntary reduction in their salary of 20%, announced via notification by ILP to Exchange.
‘Sales and profitability of the entire Apparel supply chain is getting impacted due to Coronavirus pandemic (COVID-19). Although the magnitude of this crisis is huge, Interloop (ILP) has a sound financial base, a committed workforce, and a diversified customer portfolio. Interloop works with brands and retailers who are financially healthy and remain committed to keeping their supply chain afloat’, the company specified in a notification.
It is pertinent to mention that the company is also trying to play its part in the community during this epidemic and has initially earmarked an amount of PKR 20.0 million for combating COVID-19.
The company has also already provided around 2,800 protective suits to medics in Faisalabad, Chiniot, and Gujrat and is now working to import necessary PPE from China for hospitals.
