Upto 30% salary cut for employees of Indian Express
One of India’s oldest news paper has taken the first step after Covid-19 situation that has hit India and the globe. The management has announced a temporary pay cut which will be for all employees who earn more than Rs. 5 lakh p.a and where the upper ceiling will be as high as 30%.
This is the first move that has been made by the media, advertising and marketing companies according to the experts and analysts.
In a communication sent to all the employees the Indian Express Group CEO, George Verghese, said, “As our reporters are telling us each day, follow the science, and I am very confident that India and the world will prevail over the virus. But it’s the economic impact of the disruption which will linger for a long time, playing out in ways we aren’t even aware of.”
He says that in spite of the hard work done by the Express teams, they have been unable to get the newspaper across to readers – “this is unprecedented”.
Verghese goes on to say that “advertising revenues have been hit hard and all available evidence shows the worst may be yet to come. It is also tragic because the very essence of our mission is to make sense of chaotic times.”
According to the e-mail communication, those earning be between Rs 5- 7.5 lakh a year will take a 10 per cent cut; between Rs 7.5-10.0 lakh, 15 per cent; Rs 10.0-20.0 lakh, 20 per cent; Rs 20.0-35.0 lakh, 25 per cent and above Rs 35 lakh, 30 per cent cut.
The CEO has said that the full salaries will be reinstated if the situation improves. However, if the situation continues this proposed reduction in salary will also not be enough for us to see through this crisis.
Leading from the front, Viveck Goenka, chairman and MD, Anant Goenka, executive director, Vaidehi Thakar, wholetime director, Raj Kamal Jha, chief editor The Indian Express and George Varghese, CEO and wholetime director have decided to take a 100 per salary cut.