Bloomsbury reimburses employees for Covid-19 pay cuts

Bloomsbury reimburses Covid-19 pay cuts to employees

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.  

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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.¬†

‚ÄúEmployees 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.”