Zee News Ltd, the Essel Group company that broadcasts Zee News and Zee Business, today said it has effected a 5-15% salary cut to the top management. “Despite the fact that our quarterly results have been splendid, we at the senior management level, collectively felt that, we cannot afford to be complacent despite our strong performances. We have set a very high benchmark for ourselves and we are committed to live up to that,” CEO Barun Das said in a statement.
According to multiple sources, Essel Group’s flagship broadcaster Zee Entertainment Enterprises is also considering salary cuts. ZEEL employees have been told by their respective unit managers that those above M3 level will get a salary cut, even though no official communication has been made in this regard yet. M3 is an internal grade that corresponds with the designation of senior manager. Employees are graded from M1 to M10, and M3 and above would likely mean bulk of the 2,000-strong organization.
We are awaiting a comment from ZEEL.
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