In a bid to avoid layoffs, Television Continental is cutting employees pay by as much as 25 per cent as Coronavirus hits the Nigerian economy hard, SaharaReporters has gathered.
TVC, a popular Nigerian 24-hour television news channel, is owned by Continental Broadcasting Service Nigeria Ltd.
Chief Executive Officer of TVC, Andrew Hanlon, made the announcement in a video seen by SaharaReporters on Monday.
It was gathered that employees of the television company were upset by the move.
Hanlon said, “To save the job and not lay off any staff, we have been forced to look at pay.
“It is regretful that I have to announce that we must introduce a reduction in pay across the board in addition to all of the saving we are trying to make in non-pay areas.
“In doing this, to be fair to all employees, we have tried to ensure those on the lowest income suffer the least while those on the highest pay take the biggest loss.
“All annual leave allowances would also be cut this year. Those who have already received theirs will lose out next year.
“Reduction in base pay will last until the end of this year but if things improve radically before then, we will, of course, review the situation but we can’t guarantee anything at this stage as none of us knows what the future holds.”