Mumbai: Media giant Network18 has surprised its employees during this festive season by announcing the reversal of pay cuts with retrospective effect and also revealed its intentions to roll out promotions in the coming weeks.
In his letter to Network18 staff CEO Rahul Joshi said, “On May 27, when I wrote to you all announcing salary reductions, Five months on, I’m happy to bring some good news to add to the festive cheer. First, the breaking news for Network18. The reduction in compensation effected in May 2020, is now reversed and with retrospective effect. All these pay-outs will be effected along with the October 2020 payroll.”
“So, in effect, the salary reductions didn’t happen at all—you’re 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 organization from any salary cut in the first place.”
“The 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 organization need to be matched in equal measure with love, care, and compassion.”
“The 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 24×7 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.”
“While 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.” added Rahul’s email.