Mumbai, April 9, 2020: The nationwide lockdown has severely impacted all segments of the economy, and more so for the cinema exhibition industry as theaters shuttered across the country. Cinema being an out of home entertainment option, the film industry has been significantly impacted and will take the longest time to recover.
The leadership team of UFO acknowledges the current crisis and its challenges and are determined to ensure that every employee down to the frontline/lowest level is protected and does not lose his/her livelihood.
Considering the above & as part of its long-term business continuity plan and for the physical and mental wellbeing of employees, UFO Moviez, India’s largest cine media network, has decided to forego 100% salaries at MD, JMD level. Apart from this, the entire Leadership team at UFO has taken salary cuts going up to 50-60 % salary so that each and every member of its team is taken care off and will continue to do whatever it takes to ensure the wellbeing of its team and the society at large.
UFO firmly believes that the Show Must Go On, Come What May.
Simultaneously, the company is developing long-term survival strategies to insulate the company from such unforeseen events in future. UFO employees have been encouraged to give their ideas and suggestions on cost optimization, identifying newer revenue streams by utilizing its current strengths and infrastructure.
