RECTOR/Chief Executive Officer of International Aviation College (IAC) Ilorin, Engr. Benedict Adeyileka has said that the college management and Governing Council has decided to implement between 10-42% pay cut for all members of staff across the entire organization for the month of April 2020.
This pay cut according to him, does not affect staff on or below N80, 000.00 per month.
The Rector has also stated that commencing from 1st May 2020, all staff shall proceed on unpaid leave with the exception of the few required to keep the online lectures going.
Engr. Adeyileka made this known in a message to staff said the position will be reviewed on a monthly basis and communications on further developments will be communicated as the situation evolves
His message in part read, “After careful deliberation and analysis, management and Governing Council has decided to implement between 10-42% pay cut for all members of staff across the entire organization for the month of April 2020 with the exception of staff on or below N80,000.00 per month.
Furthermore, commencing from 1st May 2020, all staff shall proceed on unpaid leave with the exception of the few required to keep the online lectures going. This position will be reviewed on a monthly basis and communications on further developments will be communicated as the situation evolves.
According to him, the situation became crucial when the college suffered a sharp decline of 100% in its revenue streams since the closure of the college, and despite reaching out to the State Government for a bailout, it introduced the aforementioned measures; to curtail costs
Adeyileka’s message read,” Our focus as management has always been hinged on the well-being and safety of our staff, managing our liquidity as an institution and creating the opportunity to ride out of inclement circumstances such as the one we are faced with today.
“Pursuant to this, recently we reached out to the state government, specifically to negotiate bailout funds; to pay for staff salary and other mandatory operational expenses. We are awaiting a response from the Government.
“Notwithstanding, some of the measures taken so far have contributed to conserving our limited resources. The outlook for the near future is not encouraging and our current level of funds simply cannot support our operations for much longer.
“For this reason, to safeguard the survival of our organization, we are constrained to introduce additional measures; to curtail our costs, as dictated by the turn of events to run our online lectures. Our dedicated staff who we really appreciate have made a huge sacrifice to ensure the success of this project which the students, parents and sponsors have been really impressed. With this, they have requested for continuation of this successful virtual online lectures.”
The Rector appealed for calm stressing that the college is aware of the challenges that each and every one may face during this difficult period, but remain hopeful that the ugly situation will abate in the shortest possible time and the organization will come out stronger in the long run.
“We are confident that these steps we are about to take will be in the best interest of all and will see us through this difficult epoch in the history of mankind.”