Publishing house Bloomsbury will reimburse employees who were affected by pay cuts during the Covid-19 (Coronavirus) pandemic.
Due to the financial uncertainly caused by the pandemic, from April to June 2020, employees within the organisation were subject to pay reductions of up to 30%, with senior staff being the most adversely affected.
However, due to a 60% increase in profits, the organisation will pay back these salary deductions to thank employees for all of their hard work during the pandemic. This decision will cost Bloomsbury almost £700,000.
Nigel Newton, chief executive at Bloomsbury, said: “Our staff have been incredibly resilient and we are lucky. It is just nice that the staff supported the organisation when it needed it.“
“Employees at Bloomsbury have been incredible during the pandemic. This has led to a much better than expected result, our highest first half since 2008. It was prompted by having the right books at the right moment and also by our decision not to delay titles because of the pandemic. Our staff supported the organisation when we needed it and now with this outcome of our profits being 60% up we are able to repay them.”