Following the effect of the Coronavirus pandemic on the media industry, Television Continental (TVC), a broadcast television station in Lagos, has slashed its staff salaries.
This was disclosed in a broadcast message by the Chief Executive Officer of the company, Andrew Hanlon to the staff on Monday.
Mr Hanlon said the station owned by former Lagos state governor, 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.