Intact Media Group to slash salaries by 20%

 

The PR Manager of the Antena 1 TV station, controlled by Intact, Cristina Severin, told Business Standard that all employees will have their salaries lowered by one fifth. Managers of all the outlets in the group have already drawn up reduced salary budgets.

The measure is part of a wider policy to lower costs, as the crisis is expected to worsen in the coming months, according to specialists. “I want the only criterion for layoffs to be performance. The reason we resorted to this measure to lower salaries is to avoid laying off professionals who should not be worried about their jobs,” Intact President and General Manager, Camelia Voiculescu, said.

 Other media groups are also impacted by the financial crisis. Media Pro, another major group locally, has already resorted to layoffs, while Realitatea-Catavencu, which controls Business Standard, announced it would rather cut other budgets than to cut salaries or reduce teams.