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.