As the government-ordered lockdown to suppress the rapidly spreading Covid-19 pandemic continues, more companies are resorting to cutting employee pay as an alternative to large-scale retrenchments.
On Monday, clothing and grocery retailer Woolworths said its senior management will bear the brunt of the financial pain brought by closures of its clothing stores, which contribute more than half to its annual sales of R37.4bn, so it can continue to pay locked-down workers and add incentives to salaries of those deemed essential — men and women at its grocery stores.
It is easy for bigger companies such as Woolworths, a R29bn retail giant, to keep paying salaries, thanks to their large cash reserves, favourable ratings with lenders and easier access to capital markets.
Still, the measures, which include debt repayment holidays, interest-free loans and 20% tax deferrals, might not be enough for some of them to ease their fixed costs, and laying off staff might seem the best option.
I'm leaving this here for all those shitty CEOs out there
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