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Independent Media Group to cut staff salaries due to lockdown

It has joined companies that are cutting salaries as a response to the effects of the lockdown.

Picture: EWN

JOHANNESBURG - The Independent Media Group said it had decided to cut salaries due to low advertising revenue during the lockdown.

But said it was not considering retrenchments.

It has joined companies that are cutting salaries as a response to the effects of the lockdown.

Pam Golding, EOH and Woolworths have also instituted pay cuts for their management and some employees.

The Independent owns The Star, The Cape Times, Pretoria News and Isolezwe.

The independent group said all employees had been informed that a salary reduction would be implemented but hasn’t said how much.

Marketing and communications group executive Luftia Vayej: “Three scenarios are currently being considered with the highest earners required to sacrifice the biggest percentage of their salaries and the lowest earners being the least affected. The final scenario to be applied will be dependent on additional performance assessment indicators and trading forecast as the group as of 17 April.”

Meanwhile, tech giant EOH is cutting its CEO and exco’s salaries by 25% and the rest of the employees pay by 20%.

Woolworths has also decided on the same with its board, group CEO and senior executive team agreeing to forgo 30% of their salaries for the next three months.

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