NEW YORK (Reuters) - The New York Times Co reached a tentative agreement with the Newspaper Guild of New York on Tuesday to cut union worker pay at its namesake newspaper by 5 percent to save $4.5 million, according to a memo obtained by Reuters.
Under the agreement, which union members still must ratify for it to take effect, workers would get reduced pay through the end of the year.
Non-union employees at the Times newspaper and other New York Times Co properties had their pay cut earlier this month.
The Times's management rebuffed a Guild proposal to guarantee that there would be no layoffs during the period that the pay cut was in effect.
"Our agreement achieves most of the safeguards we wanted," New York Guild President Bill O'Meara said in a statement. "But it will not erase the possibility of job cuts ... even though management tried to sell us their proposal as a way of avoiding layoffs."
The Times announced the cost cuts in March, along with 100 layoffs, as part of an effort to save money as it faces declining advertising revenue and hundreds of millions of dollars in debt. At the time, executives said the pay cuts would help avert as many as 80 job cuts.
A Times spokeswoman was not available for comment.
Click on the headline to read the full story,.
No comments:
Post a Comment