Beginning October 2020, Network18 would reverse the pay cut effected in May 2020 anticipating rough economic environment due to Covid-19 pandemic with retrospective effect.
Explaining this in an internal email to Network18 employees, Managing Director Rahul Joshi said, âSo, in effect, the salary reductions didnât happen at allâyouâre not only going back to the old salary but being paid arrears from the time it was cut. Furthermore, we paid out the variable salary in July and will roll out promotions in the coming weeks. If you recall my earlier mail, we had spared 70% of the organisation from any salary cut in the first place.
âThe message from your company is clear. Despite the unprecedented times, no matter how hard the journey has been and the fact that we are still not out of the woods, your company has taken a bold step to restore salaries, and retrospectively. The vision and ambition of the organisation needs to be matched in equal measure with love, care and compassion.
âThe gesture of the company has to be reciprocal to the contribution and the sacrifice that you have displayed working from the field, working from the office and working 24x7 from home to put us back in the reckoning. I thank you all, once again, for supporting us during the adversity brought on by the coronavirus pandemic.
âWhile the business environment is looking better, it is still very challenging. The West is seeing a resurgence of Covid-19, although treatments have improved dramatically and vaccines are only months away. I am confident that we will redouble our efforts and help Network18 rebound bigger, bolder and smarter.â