- NL Sena
The news came to employees in the form of a scanned hand-written letter from the newspaper’s CEO, LV Navaneeth.
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.