India, March 31 -- Fiat Chrysler Automobiles NV said it will temporarily cut employee salaries by 20 percent for up to three months to preserve cash and avoid job cuts amid the coronavirus or Covid-19 crisis.

Multiple reports cited a letter by Chief Executive Mike Manley to employees that his salary would be cut by 50 percent for the same period. Further, Chairman John Elkann and the other Board members will give up their remaining compensation for the year 2020.

The wages of the company's 20-member Group Executive Council other executives will be cut by 30 percent.

The company expects to start the compensation reduction by April 1. Fiat Chrysler said it would repay the reduced funds to employees no later than March 15, 2021.

Manley r...