Fiat Chrysler will quickly defer the salaries of its white-collar employees by 20% for the following three months because the automaker makes an attempt to save lots of money to climate the coronavirus disaster.

The pay cuts, in accordance with a Monday letter from CEO Mike Manley obtained by CNBC, will start Wednesday. Manley additionally will take a 50% lower in his wage and members of the Group Govt Council (GEC), the corporate's highest govt decision-making physique, will all take 30% wage cuts, in accordance with the letter.

"Defending the monetary well being of the corporate is everybody's duty and naturally begins with myself and the management of FCA," Manley wrote, citing the cuts are "to keep away from the layoff of any everlasting workers."

Fiat Chrysler Chairman John Elkann and the remainder of the automaker's board even have unanimously agreed to forgo their remaining 2020 compensation, Manley stated.

The wage cuts for the white-collar employees are...