Cemex asks employees to defer 10% of salary

Cemex has asked employees to voluntarily defer payment of 10 per cent of their salaries for three months, according to Reuters. Members of its senior management team have also been requested to give up 15 per cent of their pay for the period starting 1 May.

The chairman of the board, CEO and other top executives have already agreed to give up 25 per cent of their salaries and fees over 90 days.

The company will also reduce or suspend investments unrelated to the pandemic in addition to reducing inventory in all markets, on the back of weaker demand.

"Cemex anticipates that construction activity will be impacted for some time in most markets where Cemex operates," it said in a statement.