TV Continental, a media firm allegedly owned by the erstwhile governor of Lagos State, Asiwaju Bola Ahmed Tinubu, has slashed salaries of its staff.
The development was made known by the Chief Executive Officer of the media organization Andrew Hanlon in a broadcast message to staffers yesterday.
The CEO has alluded to the fact that the firm has been under prudent management since the outbreak of the pandemic.
” Broadcasters across the world are battling with losses. In order to save jobs and not layoff staff, I regret to inform you that we’ve been forced to reduce our pay”, he said.
Furtherance to this declaration, staff earning N80,000 will get a 5% reduction, while those earning between N80,000 and N200,000 will get a 10% cut in their earnings.
Also, senior staff, earning within the range of N200,000 and N400,000 will get a 15% reduction, while those earning between N400,000 to N1,000,000 will get a 25% reduction in their earnings.
” The management team and director get 25% cut while the CEO also gets a reduction,” he said.
He also said despite the cuts and reductions, Pension, transport, and accommodation allowances remain unaffected.
The ravaging coronavirus pandemic has caused a strain on economies all over the world, with most industries reporting losses culminating in a massive retrenchment of staff.