In a bid to mitigate the effects of the ravaging coronavirus pandemic on businesses, TV Continental, a multiple award winning Nigeria BASED media firm , has slashed salaries of its staff.
The development was made known by the Chief Executive Officer of the media organization Andrew Hanlon in a broadcast message to staffers yesterday.
The CEO has alluded to the fact that the firm has been under prudent management since the outbreak of the pandemic.
” Broadcasters across the world are battling with losses. In order to save jobs and not layoff staff, I regret to inform you that we’ve been forced to reduce our pay”, he said.
Furtherance to this declaration, staff earning N80,000 will get a 5% reduction, while those earning between N80,000 and N200,000 will get a 10% cut in their earnings.
Also, senior staff, earning within the range of N200,000 and N400,000 will get a 15% reduction, while those earning between N400,000 to N1,000,000 will get a 25% reduction in their earnings.
” The management team and director get 25% cut while the CEO also gets a reduction,” he said.
He also said despite the cuts and reductions, Pension, transport, and accommodation allowances remain unaffected.
The ravaging coronavirus pandemic has caused a strain on economies all over the world, with most industries reporting losses culminating in a massive retrenchment of staff.