COVID-19 EFFECTS: Corporate organisations, business owners groan as economic reality forces TVC to cut salary.
The expected effect of the fallout of coronavirus on the global economy is beginning to show in many organisations as companies, banks and media firms begin cost cut on all activities. The fall of oil prices, cut in international supply chain, closure of businesses and hike in cost of running business are evident reality of a gloomy economy the COVID-19 subjects the world to.
The more devastating effects are expectedly dangerous to Africa, a continent that rely on the west for almost all of her existence, the level of poverty and the current economic lockdown will definitely deepen the poverty curve.
As the effect bite harder, Television Continental(TVC) has announced reduction in salary by twenty five percent (25%) applicable to all category. Chief Executive Officer of TVC, Andrew Hanlon, made the announcement in a video on Monday
Sgtv reports that employees of the television company were not comfortable with the move.
Hanlon said, “To save the job and not lay off any staff, we have been forced to look at pay.
“It is regretful that I have to announce that we must introduce a reduction in pay across the board in addition to all of the saving we are trying to make in non-pay areas.
“In doing this, to be fair to all employees, we have tried to ensure those on the lowest income suffer the least while those on the highest pay take the biggest loss.
“All annual leave allowances would also be cut this year. Those who have already received theirs will lose out next year.
“Reduction in base pay will last until the end of this year but if things improve radically before then, we will, of course, review the situation but we can’t guarantee anything at this stage as none of us knows what the future holds.” He says