New Delhi: Living Media India Ltd, which runs the India Today Magazine has reversed the Salary cut which was imposed on its employees last year due to the pandemic and related revenue hit suffered by the organization.
Announcing the reversal of Salary cuts, Aroon Purie, the Chairman of the Company, in his internal communication said, “The reduction of salaries, which we were compelled to do in June 2020, was the most painful decision I’ve had to make in the 46 years I have worked in India Today. As you know, even before the pandemic, the magazine industry was under severe stress. With the economy contracting, advertising, our primary source of revenue, virtually collapsed, plus distribution was impacted due to corona lockdowns. The only way to survive was to reduce costs. I thank everyone for working together through the crisis undeterred.”
“You have shown courage, resourcefulness, forbearance, and ingenuity. We have not missed a single issue and maintained the quality our readers expect from us. While we are nowhere near pre-COVID levels or expect to be there in the foreseeable future, we must move on and adjust to a new reality. I have faith in our strong brands, content, our team’s belief in the magazine, and our will to succeed” added Purie.
“Therefore, over and above the Ex-Gratia Award given recently, I have decided that salary reductions for all LMI staff shall be reversed, effective September 1st, 2021” he added
Thanking the employees for their commitment towards the organization, Puried Concluded, “I am particularly pleased with this announcement because India Today is very precious to me. I always want the best for it. Despite the churn in the media landscape, magazine stories have a profound and lasting impact. Advertisers see that too. I hope more will. I am pleased to note that we have lived up to what I said in a Letter from the Editor on our 25th anniversary, ‘Men age, magazines don’t’. The good times will return. They have to. We will all then progress and prosper with our magazines”.