AvtoVAZ has reduced senior executives’ salaries by 20%, the company’s president told ITAR-TASS.
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Alyoshin added that AvtoVAZ had already cancelled bonuses for senior executives as of 1 November, 2008. However, some executives could receive bonuses based on their individual job performances, he said.
Alyoshin also said that AvtoVAZ expected to receive 25bn rubles from the federal government sometime in late May or early June.
The government said earlier that it would invest 25bn rubles in state-owned industrial conglomerate Rostekhnologii, which would use the funds to disburse a loan to AvtoVAZ. Rostekhnologii owns 25% of AvtoVAZ.
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