NASCAR Issues Staff-Wide Pay Cuts Amid Racing Hiatus
NASCAR yesterday informed its staff that pay cuts "will be imposed across the company until the series returns to racing" when the coronavirus pandemic subsides, according to Jenna Fryer of the AP. The memo said that series execs, including the presidents of NASCAR-owned tracks, "will see a 25% reduction in salary, while all other employees will have their salary reduced by 20%." Budget expenses and capital improvements also have been "frozen," and employees were told to "use one week of vacation over the next five weeks." NASCAR currently is suspended until May 9. In the memo, NASCAR President Steve Phelps said that the "hope is that the cuts are temporary, but the situation will be revisited" (AP, 3/24).