Despite Ekta Kapoor forgoing salary for a year, sources say Balaji announces 20 to 50 per cent pay reduction for employees for three months.
Ekta Kapoor
Almost a month into the lockdown, it has become increasingly difficult to keep the wheels of the economy turning, and several companies are resorting to pay cuts to stay afloat. Closer home in Bollywood, Ekta Kapoor, founder, Balaji Telefilms, had announced on April 3 that she was forgoing her annual salary of Rs 2.5 crore so that "my co-workers don't have to take a hit during this period of crisis."
Despite her best intentions, it has been heard that the studio — which has ALT Balaji and Balaji Motion Pictures as subsidiaries — is having to implement a three-month pay cut for its employees.
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A source reveals, "On Monday, the staff was apprised of the decision. Those with annual salaries of up to Rs 12 lakh will have to take a 20 per cent pay cut while those in the Rs 12 lakh to Rs 36 lakh bracket are looking at a 25 per cent pay reduction. A 30 per cent pay cut is being implemented for those with annual pay packages between Rs 36 lakh and Rs 60 lakh, and the senior management will take only half their pay. The variable pay that is disbursed at the year-end is likely to be delayed as well."
mid-day reached out to Kapoor, who did not respond till press time.
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