Hours after the Times Group announced salary cuts today, NDTV announced a salary cut of between 10 and 40 percent, based on income slabs, for all employees earning more than Rs 50,000 a month.
The salary cut is effective April 1 for a period of three months, "subject to detailed review at the end of the period". There will be no cuts for employees earning less than Rs 50,000 a month.
In an obligatory disclosure to the Bombay Stock Exchange and the National Stock Exchange, the news channel said it was "forced to undertake certain cost-cutting measures" as a result of the "impact of decreasing advertisement revenue accelerated by the onset of the Covid-19 pandemic, together with the uncertainty surrounding the recovery of the global and Indian economy".
NDTV joins a growing list of media houses implementing lay-offs, salary cuts, or sending employees on indefinite leave in order to cope with combination of the economic slowdown and the Covid-19 outbreak.