10:53:45 EDT Fri 14 Aug 2020
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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2020-03-23 C$ 10.57
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Globe says Cineplex seeks more pay cuts

2020-03-24 07:33 ET - In the News

The Globe and Mail reports in its Tuesday edition that Cineplex is asking full-time staff to take a pay cut and has announced that its executives are suspending their own pay for two weeks. The Globe's Susan Krashinsky Robertson writes that Cineplex has laid off hourly workers at its 165 theatres and entertainment venues. Now it has told its remaining employees that they will also face temporary layoffs if they do not accept a pay cut. Full-time salaried employees include head-office staff, as well as some managers at its theatres. The term for the pay cut began Saturday and will continue until April 17. After two weeks without pay, executives at the senior vice-president level or above will be paid 40 per cent of their regular salary; vice-presidents and executive directors will be paid 55 per cent; and all others will be paid no less than 60 per cent. The company said it would also cover the costs of health benefits for employees who choose to stay on and accept the pay reduction. For hourly workers who have been temporarily laid off but do not qualify for Employment Insurance, the company is planning to pay "a lump sum similar to what they would have received through EI" for a period of 2-1/2 weeks.

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