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| New York Times imposes 5% pay cut, lays off 100
Last Updated: 2009-03-27 11:52:17
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New York: Facing financial difficulties, the New York Times Company has imposed five per cent temporary pay cut for most employees and laid off 100 workers. The cuts were mandated for management and non-union employees, and the Newspaper Guild has been asked to agree to them for those it represents on the newsroom staff.
If the union does not agree, Executive Editor Bill Keller said during a meeting of hundreds of staff members in the paper's main newsroom, “we will face layoffs, probably on the ord er of 60 to 70 people,'' out of almost 1,300 on the news staff.
Keller said it would make other cuts, like reducing spending on freelancers by 10 to 15 per cent and possibly consolidating some sections. The planned 5 per cent pay cut for nine months, coupled with an additional 10 days of leave, would apply to most employees at the largest units, including The Times and the corporate offices, and to most non-union employees at The Boston Globe.
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Across the company, the Times said, advertising revenue fell 13.1 per cent in 2008, and 17.6 per cent in the fourth quarter. Executives declined to provide any 2009 figures, but said that so far the year has been worse than expected.
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