09:15:44 EDT Fri 14 Aug 2020
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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2020-03-30 C$ 11.75
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Globe says Cineplex, others face risks in cutting pay

2020-03-31 09:32 ET - In the News

Also In the News (C-AC) Air Canada
Also In the News (C-RET) Reitmans (Canada) Ltd

The Globe and Mail reports in its Tuesday edition that in trying to preserve cash, some companies are asking employees to take temporary pay cuts. The Globe's Nicolas Van Praet and Christine Dobby write that on Monday, Air Canada said its chief executive officer and chief financial officer would forgo 100 per cent of their salary for the second quarter while other senior executives will forgo between 25 per cent and 50 per cent of their salary; all other managers will take a pay cut of 10 per cent. SNC-Lavalin on Monday asked its employees to take voluntary pay cuts for the next three months. Air Canada and SNC's announcements are only the latest such moves by Canadian corporations. In recent days, Cineplex asked its full-time staff to take a pay cut as its executives agreed to temporarily suspend their pay Reitmans Canada laid off 90 per cent of its store workers and also asked remaining staff to "collectively contribute to on-going cost-saving initiatives." Employment lawyers said temporary wage cuts as a survival strategy is "absolutely not risk-free," said Shane Todd at Fasken Martineau DuMoulin LLP. Mr. Todd warned that even with agreement from employees, companies could face claims of constructive dismissal.

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