The salaries of staff of TVC Communications operators of Television Continental and Max FM has been slashed due to effect of coronavirus pandemic on labour and productivity.
The Chief Executive Officer of TVC, Mr. Andrew Hanlon disclosed this via a broadcast message to the staff on Monday. He informed the staff that “broadcasters across the world are battling with losses. In order to save jobs and not lay off any staff, i regret to inform you we’ve been forced to reduce our salaries.”
According to him, staff earning N80,000 will get a 5% reduction, those earning between N80,000 and N200,000 will get a 10% cut.
Also, senior staff earning between N200,000 and N400,000 will get 15% while those earning N400 thousand to N1 million will get a 20% reduction.
“The management team and director get 25% cut while the CEO also gets a reduction,” he said.
He said Pension, transport, accommodation allowances remain the same without any cut.
TVC Communications is owned by former governor of Lagos State and APC leader, Senator Ahmed Bola Tinubu.