Southern Cross staff forced to take pay cuts, annual leave.

Staff at Southern Cross Austereo are to take pay cuts and forced annual leave due to the COVID-19 crisis.

Yesterday SCA halted trading on the ASX to assess its options to deal with the COVID-19 pandemic. Shares were at 0.16c.

TV Tonight can reveal staff have been advised all employees earning a Base Remuneration of $68,000 or above will have their remuneration reduced by 10%.

Every employee will be required to take no less than 10 days leave between now and 30 June 2020, either as consecutive days or in whole.

Employees with more than 20 days of accrued leave will be asked to use as much as possible over the next six months.

Southern Cross will also not be paying any Executive Incentives, other than earned and approved Sales Commissions. Recruitment has also stopped.

4 Comments:

  1. Actually, Camo2, it does. Whist the parent company (Macquarie Bank) wasn’t spending to the extent Paul Thompson was when “building” the Nova Network for the Daily Mail Group (and paying multi-million dollar figures for licences being auctioned off by the Federal Government of the day), Southern Cross Austereo has had a few questionable business moves over the past several years. The network’s forward selling sales tool (Brandworks) has been called a “dud” by many who know. I could go on, but I’m pretty sure this message won’t be published. A shame – I once thought David was “without fear or favour”. Oh, wait – that was Murdoch’s Veritas in the Sunday Mirror, many moons ago.

    • size and how quick they have grown has really nothing to do with it… advertisers would have cancelled on air schedules because of shop closure due to COVID 19 once that clears they, like every other business like tourism and retail and travel and media will bounce back, this will put massive strains on Prime and 7 as well

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