As companies continue to feel the economic impact of the Coronavirus pandemic, Television Continental (TVC), a broadcast television station headquartered in Lagos, has reduced salaries of its staff.
This was disclosed in a broadcast message by the Chief Executive Officer of the company, Andrew Hanlon to the staff on Monday.
Hanlon said the station owned by former Lagos state governor and national leader of the All Progressives Congress, Asiwaju Bola Tinubu, has been managing the business carefully since the outbreak.
“Broadcasters across the world are battling with losses. In order to save jobs and not lay off any staff, I regret to inform you that we’ve been forced to reduce our pay”, he said.
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.
More so, senior staff earning between N200,000 and N400,000 will get 15 per cent while those earning N400 thousand to N1 million will get a 20 per cent 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 produces and broadcasts talk, lifestyle and information shows for Nigerian audiences of all ages and was the best station in the country in the year 2019.
