Business
COVID-19: Quebecor and its subsidiaries scale back operations
COVID-19: Quebecor and its subsidiaries scale back operations Canada NewsWire MO...
About this update from Quebecor Inc. Class A
[{"type":"text","content":"\n\n\n\nCOVID-19: Quebecor and its subsidiaries scale back operations\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, March 27, 2020\n\n\n\nMONTRÉAL, March 27, 2020 /CNW Telbec/ - To safeguard the health and safety of Quebecers, the Québec government has issued a ministerial order requiring businesses deemed non-essential to close. Regretfully, as a result Quebecor has had to temporarily lay off 10% of its workforce. The Corporation will provide support and financial assistance to minimize the impact on employees.\n\"Since the beginning of the crisis, the entire Quebecor family has shown solidarity and has been doing its part in this unprecedented situation that affects us all,\" said Pierre Karl Péladeau, President and CEO of Quebecor. \"The suspension of business activities deemed non-essential has curtailed the operations of many of our business partners and has therefore led to a significant slowdown in some of our business segments, making this difficult decision unavoidable.\n\"At this time, our priority is to protect the health and safety of our employees, while continuing to provide Quebecers with essential telecommunications and news services. In a spirit of loyalty and gratitude to the employees affected by these temporary layoffs, we have moved quickly to put in place a series of financial assistance and support measures to minimize as much as possible the impact of this period of uncertainty,\" Mr. Péladeau added.\nAssistance and support for employees\nQuebecor will top up the government assistance to cover 95% of the salary of employees with an annual salary under $54,200. Those employees will also be able to take a 2-week advance on their salary to cover the waiting period for government assistance. For employees with a salary of more than $54,200, the Corporation will top up the government assistance to cover 80% of salary, up to a salary ceiling of $80,000. The group insurance and pension plans will be maintained and the employer will continue making contributions if the employee continues to do so.\nT...