Outlook magazine announces retroactive salary cuts
You can read about all the cutbacks in Indian newsrooms so far at https://link.medium.com/Waf8GJraY5
Outlook magazine suspended print operations in March 2020. Salaries have not been paid in full since January 2020.
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From: “Indranil Roy”
To: “All”
Sent: Saturday, 30 May, 2020 16:44:54
Subject: Difficult decisions in Challenging Times
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Dear Colleagues,
The current crisis arising out of the pandemic COVID-19 has created an economic turmoil in the world compelling companies to take various extreme steps in these desperate and unfortunate times. The financial impact on the media business because of the pandemic is particularly severe and the economic impact will linger on for some time. As you all know, we were already under stress even before the pandemic broke out. Revenue generation and collections have been negatively affected by the unprecedented lockdown. I was hoping to see a quick end to this crisis and would avoid any drastic steps from the management’s side.
As CEO I am left with no option but to charter the unchartered path and to take urgent corrective measures for survival. While we are taking all possible recourses to see us through this unprecedented crisis we are left with no choice but to announce salary cuts as per below:
CTC/Per annum
Reduction %
Up to 3 Lakh
0
Above 3 Lakh to 5 Lakh
25
Above 5 Lakh to 10 Lakh
40
10 Lakh and above
50
As of now, these reductions will be applicable to three months — April, May and June 2020.
I am sure you understand the critical times we live in and the need for such an action from the management’s side. I thank you for your understanding. I will be writing/speaking to you soon on the other measures that are being discussed to sustain ourselves in these unprecedented times.
Yours sincerely,
Indranil Roy
