Sensing the signs of recovery, Bennett Coleman and Company (BCCL), the parent company of The Times Group, has announced the payout of TVP (including Response incentives) to its employees for FY 2019-20, in a staggered manner starting from July’20.
Sivakumar Sundaram, Chairman Executive Committee, BCCL, said in an internal communication to BCCL employees, “The last month of Q1 has been promising on several counts - be it the cautious lifting of lockdown in a staggered manner, resumption of door to door distribution of newspapers in our key markets and the beginning signs of the return of advertisement revenues.”
The media conglomerate had on April 23 announced the cost-cutting measures across the group that included pay cuts, deferment of incentives and deferment of salary increments.
Justifying the cost management measures, Siva said, “As revenues disappeared, we had to introduce immediate short term cost management measures to manage and ensure that the liquidity challenge does not become a solvency crisis. While I thank each one of you for your commitment in voluntarily supporting the measures, our immediate focus is on restoring copies and revenues. This is extremely critical to ensure that we do not have to once again impinge upon further costs management measures.”
Siva expressed his gratitude to his teams for adapting to the new normal with speed and agility and ensuring publishing and distribution of the newspapers on a daily basis despite all the impediments.