This is the company's bid to save HK$260mil (RM147mil) in annual operating expenses.
“In total, approximately 5% of employees will be affected by lay-offs, and the company will provide reasonable compensation to those impacted in accordance with the Hong Kong Employment Ordinance,” TVB's chief executive officer Thomas Hui To said in a memo to staff on March 24.reported that TVB employs 3,900 workers, including contract artistes and staff in overseas subsidiaries. This means some 200 staff will be retrenched.
“We understand that these changes will impact some employees, but we believe that these measures are necessary to maintain the company’s competitiveness,” he added."At the same time, [we] will reduce our dependency on outsourced workers and rely on our own creative abilities and resources to produce works of the same standard within a reasonable budget," he said, adding that the cutbacks was a tough decision to make for the company.
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