Network18 announces 10% pay cut, top leadership to take bigger cuts: Sources

Network18 Editor-in-Chief Rahul Joshi reportedly assured that variable payout for FY20 and the promotions will happen as planned

e4m by exchange4media Staff
Updated: May 28, 2020 9:34 AM
Network 18

Network 18 Editor-in-Chief Rahul Joshi wrote to his employees on Wednesday announcing a 10% pay cut for those earning above Rs 7.5 lakh annually, a source close to the development has told exchange4media.

“These are exceptional times and such times call for extraordinary measures,” he wrote in the mail.

“We are NOT REDUCING the salaries of those earning up to Rs 7.5 lakh annually. This covers a vast majority of our colleagues in the news business — about 70%. Those earning above Rs 7.5 lakh annually will have their salary reduced by 10%,” the mail read.

The top leadership of the company, the mail said, has volunteered to take deeper cuts.

“As you all know, in our business the biggest cost is manpower. In order to keep the wheels of business in motion, I’m forced to implement a salary cut effective May 1, 2020. I have agonized over this for weeks with my top team, delayed the inevitable, and tossed and turned over many scenarios before arriving at what I think is the most humane way of going about this exercise,” he said in the mail.

The mail also said that the appraisal process is on and will conclude in a week or so. He assured his employees in the mail that once performance assessments are collated the variable payout for FY20 and the promotions will happen as planned. “We expect to complete this process by July,” he wrote.

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