Group CEO George Varghese is very confident that India and the world will emerge from this victorious.
Indian Express, one of the oldest names in the news business, has begun to fight the alarming situation created by COVID-19 by announcing ‘temporary pay cuts’. These will affect all employees who earn more than Rs 5 lakh per annum and will go as high as 30 per cent.
Analysts believe that this is only among the first of many such announcements that will emerge from media, advertising and marketing companies.
In a mail to all employees the Indian Express Group CEO, George Verghese, said, “As our reporters are telling us each day, follow the science, and I am very confident that India and the world will prevail over the virus. But it’s the economic impact of the disruption which will linger for a long time, playing out in ways we aren’t even aware of.”
He says that in spite of the hard work done by the Express teams, they have been unable to get the newspaper across to readers – “this is unprecedented”.
Verghese goes on to say that “advertising revenues have been hit hard and all available evidence shows the worst may be yet to come. It is also tragic because the very essence of our mission is to make sense of chaotic times.”
According to the mail, those earning be between Rs 5- 7.5 lakh a year will take a 10 per cent cut; between Rs 7.5-10.0 lakh, 15 per cent; Rs 10.0-20.0 lakh, 20 per cent; Rs 20.0-35.0 lakh, 25 per cent and above Rs 35 lakh, 30 per cent cut.
The CEO has said that the full salaries will be reinstated if the situation improves. However, if the situation continues this proposed reduction in salary will also not be enough for us to see through this crisis.
Leading from the front, Viveck Goenka, chairman and MD, Anant Goenka, executive director, Vaidehi Thakar, wholetime director, Raj Kamal Jha, chief editor The Indian Express and George Varghese, CEO and wholetime director have decided to take a 100 per salary cut.