gossip lanka

Several top-notch corporates announce pay cuts to manage costs during pandemic

The COVID-19 outbreak has created an unprecedented challenge to the world economy.

Companies across Sri Lanka are grappling with the sudden financial stress caused by the pandemic and taking measures to mitigate the inevitable blow it will have on businesses.
Leaders from some of the companies most affected by the pandemic are forfeiting their paychecks as the pandemic worsens.

From the airline industry to hotels to business firms, CEOs have announced that they are willing to take partial or full pay cuts.

On April 2, SriLankan Airlines said in a statement that it has implemented cost saving measures to ensure survival of national carrier and livelihoods of employees, including the mandatory salary reductions from the staff starting from 2.5% to 25% for a period of three months.

Other measures include; freezing all the salary increments to be implemented in the year 2020, and temporarily terminating operations from 8th to 21st April, 2020 with the exception of cargo services which have a direct impact in saving costs.