VMedia operations could come to a temporary halt due to financial instability amid the COVID-19 pandemic, parent company Island Broadcasting Company has said.
According to the circular sent to all employees of VMedia, the temporary halt in the tourism industry has caused huge financial losses to the company, hence they are facing difficulties in paying employee salaries and allowances.
As they were unable to find new sources of income, Island Broadcasting Company was reaching a stage where they might have to halt the operations temporarily.
The circular further stated that a flat salary of MVR 2222 will be given to all employees from April to June as previously decided.
Island Broadcasting Company had ensured they will give a Ramadan allowance for all their employees. If by June 2020, the economy does not recover and the company does not find any other source of income, a decision will be made regarding the employment of staff and each staff will be informed about the decision made.
Full details are available at the link below:
Source URL: Corporate Maldives