Why is TVB cutting 350 jobs?

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TVB is reducing its workforce by 350 employees due to the ongoing economic recession in Hong Kong, which has impacted various industries including broadcasting.

Television Broadcasts Limited (TVB) has announced significant job cuts, retrenching 350 employees, representing 10 per cent of its total workforce. This decision is a direct response to the economic downturn affecting Hong Kong, a situation exacerbated by prolonged protests. The company communicated this measure internally to its staff, clarifying that the reduction in personnel does not extend to its roster of artistes.
Workforce Reduction Scope

The retrenchment primarily affects staff from the stage, sound and light, backstage, and maintenance departments. These employees are scheduled to be notified of their status before the end of the year. TVB has stated that affected personnel will receive "suitable compensation" as part of the process.
Compensation and Benefits for Remaining Staff

In contrast to those being retrenched, the remaining employees at TVB are set to receive a half-month bonus. Furthermore, staff members who are promoted will experience an increase in their remuneration, which will be determined by their individual performance.
Economic Impact on Hong Kong

The current economic climate in Hong Kong has been severely impacted by ongoing protests. These demonstrations have had a notable effect on key sectors such as tourism, food services, and retail. This widespread economic contraction has led to a general recessionary environment, influencing a broad spectrum of industries including advertising, television, paper, and other media outlets.

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Why is TVB cutting 350 jobs?

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