Crown Cement reduces 20.5% salary of its employees

Sun Online Desk

23rd June, 2020 10:55:53 printer

Crown Cement reduces 20.5% salary of its employees

The authorities of Crown Cement has decided to cut 20.5 percent salary and other benefits of its employees as it experienced an unprecedented loss in the current fiscal year due to the coronavirus pandemic across the world.

However, the employees in the sales department of the company will see a 4.4 percent increase in their salaries.

Seeking anonymity, an official of the cement factory disclosed the information on Monday.

The company does not take any decision regarding cutting jobs, he said

He also said that the cement industry has started feeling the effects of the added 3 percent minimum tax imposed on the import value of raw materials since July 1 last year. Crown Cement incurred a loss of Tk 23 crore in the nine months of the current fiscal year owing to the tax adversity and Corona fallout. In the same period of the previous year, it had a net profit of over Tk15.81 crore.