Coronavirus Outbreak: Pay cut for top Bollywood studio amid lockdown?
Almost 20 days since Bollywood ground to halt, sources say entertainment giant Star India to implement up to 30 per cent pay cut for senior management.
In what is the domino effect of the lockdown, a cloud of uncertainty looms large over the conglomerates across the country. It is heard that on Monday, an e-mail was circulated in Star India, which merged with Disney last year, apprising employees that the senior management will take at least 20 per cent pay cut in light of the recent events. It also made a mention of how Bob Iger, Disney chairman, has decided to forgo his entire salary till the time the world is battling the pandemic.
An employee informed mid-day, "In an e-mail that we received early today, Uday [Shankar, chairman, Star & Disney India] sent us the trail mail from Bob Chapek [CEO, Disney], requesting the senior executives from Asia Pacific to take a voluntary pay cut. The executive vice presidents are looking at 30 per cent cut whereas senior vice presidents and vice-presidents will take a 25 per cent and 20 per cent pay reduction respectively till the lockdown is called off." Another employee, on condition of anonymity, added, "It was sent across as a standard e-mail announcement. Instead, they could have at least discussed it over a [virtual] Townhall. At this point, we don't know if there is a possibility of pink slips in the future."
mid-day reached out to Star India, who remained unavailable for comment.
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