Nation Group announces partial salary suspension

Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary.

Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in advertising revenue throughout the media sector, attributed to ongoing economic challenges. The company has cited the need to reduce expenses across various areas to ensure sustainable business operations.

The salary suspension will apply to employees earning 50,000 baht or more per month, effective July 1 to December 31. The reduction will be implemented on a sliding scale, with salaries being suspended by 10% to 30%, depending on the employee’s salary bracket.

Chai Bunnag, the Chairperson and Chief Executive Officer, voluntarily decided not to receive his salary or any compensation from the company during this period. This gesture aims to allocate resources to employees who are in greater need.

“The company understands that the partial salary suspension may affect all employees. We assure you that this decision has been made with great care and necessity, to help the company navigate these challenging times.”

Nation Group plans to begin reimbursing the suspended salaries starting from January 2025. The repayment is expected to be completed within the first half of the year. Should there be any improvements in the situation, the company will notify employees accordingly.

The announcement was signed by Chai Bunnag, confirming the authenticity of the decision. Further discussions regarding the exact percentage reductions will occur today, with an internal announcement to follow, reported KhaoSod.

In related news, a long-standing company in Amata City Industrial Estate, Rayong, is set to close its doors after 20 years, gradually laying off employees to complete the process by the end of this year or at the latest by January 2025.