The giant retailer Woolworths announced that its board and senior executives will take a 30% pay cut for the next 3 months in a bid to maintain staff salaries during the coronavirus lockdown.
The savings will be used to ensure staff continues to receive their monthly full salaries, while essential service staff that worked throughout the lockdown will get paid more.
“In recognition of the challenging circumstances, the WHL Board, Group CEO and senior Executive team members have decided to forego up to 30% of their fees and salaries over the next three months. The savings arising from this will be used to provide additional financial support to staff who find themselves in extreme hardship as a result of the current crisis”, the group said in a statement.
In addition, the group said, “It has implemented a range of initiatives from alternative working hours to more flexible practices, including work-from-home, leveraging a full suite of technology tools”.
This comes after President Cyril Ramaphosa ordered a nationwide lockdown that kickstarted on 26th March 2020 and will last until 16 April 2020, if not extended.
Woolworths remains one of the essential retailers that remain open during the lockdown, as other (non-essential) stores were ordered to close.
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