BCCL announces salary cut, defers increments
The measures will be reviewed based on how the economy bounces back, says an internal communication
BCCL has announced its pay cut plans that it said were “tough calls in the short term, to ensure our long-term future is protected”.
In an internal mail sent to the employees, Sivakumar Sundaram, Chairman Executive Committee, BCCL, has made the following announcements:
- Defer the pay-out of TVP / Incentive for FY 2019-20 to end of Q1 2020-21 or later, for review, based on bounce back of the economy and our revenues
- Defer Increment decision, for review, based on our business performance end of Q2 2020-21.
Salary reduction by 5% of TTR (for employees with Salary above Rs. 10 lacs/annum) & 10% of TTR (for employees with Salary above 100 lacs/ annum ) w.e.f. 1st April, 2020.
Move 10% of TTR of all employees (with Salary above Rs. 6.5 lacs/ annum) to Special Performance Incentive Pool w.e.f 1stApril, 2020. Payment of Special Performance Incentive will be linked to achievement of a threshold PBITDA target for 2020-2021 agreed by the EC team with the shareholders.
The chairman has further said in the communication that managing to publish the daily every day without fail was a big achievement.
“The BCP team at BCCL, has been working tirelessly to mitigate the impact and ensure smooth functioning with all the external constraints. Crisis are opportunities and the rude awakening gives us two choices - either we succumb to fear and panic or quickly alter the course for exponential leap and make the company future-ready. Undoubtedly as with the rest of the economy, a large and widely distributed business in the physical space, bears the brunt of the impact. From our perspective, in just a short period, our Circulation has been impacted, Supply chain disrupted; Production & Editorial working in a constrained environment and our Sales teams are battling hard to garner advertisement revenues.”
Sundaran also says that “the unprecedented situation calls for tough calls in the short term, to ensure our long-term future is protected”.
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