Mediamax company has announced plans to slash its employees’ salaries by between 20% and 50% before taxes and other deductions, which will take effect on their April salaries.
However, the company maintains that it will review the situation periodically based on revenue, cash flows, and status of the business, even as the COVID-19 pandemic continues to take a toll on businesses, resulting in a decline in advertising.
This comes at a time the company has already sent a section of its employees on compulsory leave so as to reduce operating costs.
On 30th October 2019, the company declared over 150 staff redundant in a bid to reflect the loss of revenue streams and adjust to the economic downturn.
Read Also: Mediamax Lays off 150 Employees
Mediamax is the holding company of the People Daily Newspaper, Tv stations; Kameme and K24, Radio stations; Emoo FM, Milele FM, Kameme FM, Msenangu, Mayian FM and Meru FM.
Meanwhile, media owners in Rwanda are seeking for a government stimulus package to help keep the sector afloat as COVID-19 continues to bite.