Seven has asked staff to take a 20% pay cut as part of measures to deal with coronavirus’ impact on business.
The media company, which has been hit by the postponement of the Tokyo Olympics and AFL, asked staff earning between $80,000-$200,000, and not covered by an enterprise agreement, to take a 20% pay cut, and work four-day weeks, according to The Australian.
Staff earning more than $200,000 have been asked to take a 20% pay cut while maintaining a five-day working week.
In an email, CEO James Warburton told staff job losses are “inevitable”.
“We are all working to response to the COVID-19 pandemic and the impact it is having on our people, our business and the broader economy,” Warburton says.
“We all need to work together to ensure our people get through the next few months.”
Other media companies, such as Nine and News Corp Australia, have also moved to reduce costs in order to deal with declining advertising revenue caused by the virus.
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