ECONOMYNEXT – Sri Lanka’s Softlogic has cut salaries of top executives between 20 to 30 percent, as curfews imposed to curb Coronavirus disrupted business and hit cashflows.
Salaries of employees getting below 50,000 rupees have not been cut.
Bonuses and overtime has also been suspended.
“This measure is an initiative that you will no doubt concur with as we steer the Group during turbulent times to avert the potential high incident of retrenchment that may otherwise become unavoidable during the coming months,” Chairman Ashok Pathirage said in a note to staff.
“At this moment, we will do our best to control what is within our ambit with foresight although there is little we can do to mitigate factors beyond the control of human intervention.”
Sri Lanka is under rolling 3 days curfews with the Western province under indefinite curfew to curb the spread of Coronavirus.
“During this period, we appeal to staff to give their best, double up on their performance objectives and commit themselves with utmost diligence and good faith and thus cooperate with management to implementing these positive decisions until Group performance goals are successfully reached,” he said.
“Should our internal processes be harnessed with your focused commitment during these times, the Group will certainly endure these temporary setbacks and become stronger like it has always done in the past.”
“Until then stay strong, healthy, self-isolate, protect your family and be mindful of your duty by your home, company, and country.”
Many companies ranging from John Keells Holdings to SriLankan Airlines have slashed salaries. In India the president and ministers have taken salary cuts. (Colombo/Apr09/2020)