Not less than twenty per cent of The Punch newspapers employees have been sacked following the economic downturn currently being experienced by the media house, which is occasioned by coronavirus and its resultant social distancing.
In what is believed to be a tactical move to remain in business, The Punch resorted to downsizing as the company could no longer fulfil its obligations to many of its employees.
Affected by the sack were editorial staff, administrative staff as well as employees who provided janitorial services to the company.
A management source who confirmed the development said some of the staff were dismissed following a staff performance appraisal.
This is the second time The Punch would be laying off workers in high numbers in a couple of years.
The media house laid off about forty journalists in 2016, citing rising cost of operation amidst a general economic downturn.
Sources in The Punch said the paper, one of the largest employers in the industry, has also adjusted its salary structure to reflect the economic realities of the company.
