The Hindu is the latest addition to the growing list of media houses that have announced pay cuts owing to the pandemic’s economic fallout. LV Navaneeth, CEO, in a hand-written letter to the newspaper’s employees, announced the following wage cuts effective from April 1, 2020:
Earning up to Rs 6 lakh per annum - No deductions
Rs 6-10 lakh per annum - 8 percent
Rs 10-15 lakh per annum - 12 percent
Rs 15-25 lakh per annum - 16 percent
Rs 25-35 lakh per annum - 20 percent
Earning more than Rs 35 lakh per annum - 25 percent
The cuts will be applicable to the annual gross salary of employees and will not affect retirals, the letter said.
Urging employees to collectively help the organisation move towards a new normal, Navaneeth said the current situation places a huge burden on the newspaper’s finances. “The whole-time directors and independent directors on the board have volunteered to make substantial monetary sacrifices along with all of us,” he added.
In the course of a month, multiple media houses including , , , the , , , and many others have laid off employees or announced salary cuts.