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The Times Plans Temporary Pay Cuts
By RICHARD PÉREZ-PEÑA
Published: March 26, 2009
Facing a steep drop in revenue, The New York Times Company plans to cut the pay of most employees by 5 percent for nine months, in return for 10 days’ leave, and will lay off 100 people and make other budget cuts, executives said on Thursday.
The company will make the pay cuts unilaterally for most non-union employees, including top executives, in its corporate division, at the flagship Times newspaper and at The Boston Globe. The reductions will be in effect from April through December.
At The Times newspaper, the company will ask the Guild, which represents most newsroom employees, to accept the 5 percent cut and 10 days off voluntarily, and avoid possible layoffs. It is not clear how the moves will affect unionized employees at The Globe.
Workers at smaller parts of the company, including About.com and a chain of small papers, will see a 2.5 percent drop in pay and five days off....
http://www.nytimes.com/2009/03/27/bu...7times.html?hp
The Times Plans Temporary Pay Cuts
By RICHARD PÉREZ-PEÑA
Published: March 26, 2009
Facing a steep drop in revenue, The New York Times Company plans to cut the pay of most employees by 5 percent for nine months, in return for 10 days’ leave, and will lay off 100 people and make other budget cuts, executives said on Thursday.
The company will make the pay cuts unilaterally for most non-union employees, including top executives, in its corporate division, at the flagship Times newspaper and at The Boston Globe. The reductions will be in effect from April through December.
At The Times newspaper, the company will ask the Guild, which represents most newsroom employees, to accept the 5 percent cut and 10 days off voluntarily, and avoid possible layoffs. It is not clear how the moves will affect unionized employees at The Globe.
Workers at smaller parts of the company, including About.com and a chain of small papers, will see a 2.5 percent drop in pay and five days off....
http://www.nytimes.com/2009/03/27/bu...7times.html?hp
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