Polish fashion retailer cuts management pay to almost zero

Polish fashion retailer LPP has cut pay for its management board members to a symbolic PLN1 (US$0.24) in a move seen as a solidarity gesture with employees facing layoffs caused by the crisis triggered by the coronavirus (COVID-19) pandemic.

In a statement, LPP said: “Members of the management board of LPP SA, starting from April 2020, agreed to lower their salaries to the symbolic amount of 1 zloty. The salary reduction will apply until the financial situation of the company is safe and predictable.”

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