Update: Added increment rollback formula below. Ravi Dhariwal, CEO of The Times of India Group wrote to employees in the afternoon today, about how the company has fared in the last few months, and suggested the following measures: a) There will be no salary revision in August this year b) There will be no TVP pay out in August this year c) There will be a roll back of increment for all employees starting March 1, 09. This will be graded, i.e. employees who got a smaller increase will get a lower reduction and the employees who got a higher increase will have a higher reduction of their increment. Update: The salary rollback formula is as follows The complete text of his email below ContentSutra reported on this development first, and we also received the letter that Dhariwal sent out, from independent sources. Earlier, last month, Exchange4Media had reported on an emaiil that Dhariwal sent out to directors of the company. We had reported 10% layoffs at the group earlier last year, though now it appears things are worse. BCCL isn't the only Media company cutting back - NDTV too has reportedly cut salaries. The Road To Unprofitability In the letter, Dhariwal suggests that tougher times will follow, but at some point in time last year, BCCL had become a billion dollar company. The first "bump in the road" came when the company began paying 60-70% more for newsprint, which brought profitability down to half. To counter this, they increased…
