Seven is ordering staff to take 20% pay cuts as part of steps against the economic impact of the coronavirus pandemic.
The Australian reports CEO James Warburton sent an email to staff today (April 1) saying “we find ourselves in an extraordinary and challenging situation”.
“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,” he said.
“We all need to work together to ensure our people get through the next few months.”
All staff earning between $80,000 and $200,000 – and not covered by an enterprise agreement – “will be asked to work a four-day week with a commensurate 20% reduction in salary”.
Those earning more than $200,000 “will be asked to accept a 20% temporary salary reduction and continue to work a five-day week to assist the company through this challenging time”.
Staff are also being directed to use annual leave.
The measures follow a decline in Seven West Media company shares -unrelated to coronavirus- falling ratings and steps to address debt, including asset sales.
In November the company share price was 48c. Today it languishes at around 8c.