Network 18 severance formula

IN Media Watch Briefs | 17/08/2013

The 300 plus people who have been retrenched so far by Network 18 this week have officially resigned after receiving a severance package. Those employed for more than 3 years have been paid 15 days salary a year for every year served in addition to the three years. Those who have been there for less than three years have received between one and three months salary as compensation. The formula is similar to that followed in 2009 when the company did its last major shedding of staff.

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