Bennett Coleman and Company (BCCL), the parent company of The Times Group, has announced the cost-cutting measures across the group that includes pay cuts, deferment of incentives and deferment of salary increments.
Stressing that the current crisis needs a start-up mindset to fundamentally challenge our current assumptions, Sivakumar Sundaram, Chairman Executive Committee, BCCL, said in an internal communication to BCCL employees, "The unprecedented situation calls for tough calls in the short term, to ensure our long-term future is protected. Therefore we are constrained by the current environment & the economic factors to announce a few measures."
The measures taken by the company include deferment of the pay-out of TVP / Incentive for FY 2019-20, deferment of salary increment and pay cuts.
There will be a pay cut of 5% for employees with a salary above Rs. 10 lacs/annum while employees with a salary above 100 lacs/annum will see 10% reduction in salary w.e.f. April 1, 2020.
For all employees with a salary above Rs. 6.5 lacs/ annum, 10% of the salary will be linked to a performance-based incentive.
Siva acknowledged, "Monetary loss is painful, but this sacrifice by each one of us, and your continued support, which the collective organisation counts on, would ensure we emerge strong and victorious from the current crisis... cause this too shall pass.â