ABS-CBN Corp. will begin laying off some of its employees by the end of August.
In a press release yesterday, July 15, the network announced that it will begin retrenching employees "to ensure the continued employment" of workers under businesses that remain operational after the House Committee on Legislative Franchises rejected its application for a new 25-year franchise.
ABS-CBN then assured that the workers who will be laid off would be given "separation and retirement benefits" and that they will be "providing job placement programs."
You may read the full statement here:
With the non-renewal of its congressional franchise, ABS-CBN is now forced to cease the operations of some of its businesses and implement a retrenchment program covering ABS-CBN and its subsidiaries effective end of business day on 31 August 2020.
We are doing all we can to mitigate the pain that will be felt by those affected, including paying out separation and retirement benefits and providing job placement programs. The loss of their jobs comes at a time when the uncertain and perilous impact of the COVID 19 pandemic further makes our decision truly difficult, but inevitable.
As much as it hurts us to implement this retrenchment program, this is the only way to ensure the continued employment of the rest of our Kapamilya.
For those who are affected, we pray for you and your families, that you may have the strength and guidance to deal with the challenges ahead. For all that you have done for ABS-CBN, maraming salamat po.
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