According to the memo from CEO Richard Decherd, salary cuts will made on a sliding scale:
$25,000 and under 0 %As the New York Times did when it announced pay cuts last week, Belo will "give" employees days off in exchange for the smaller paycheck. But the company calls the unpaid a "cushion" rather than a furlough:
$25,001 - $74,999 2.5 %
$75,000 - $102,499 5.0 %
$102,500 - $149,999 7.5 %
$150,000 - $225,000 10 %
Over $225,000 15 %
Our hope is to restore most or all of these cuts for impacted employees at some time in the future, as business conditions permit. To cushion the impact of the wage cuts, all impacted employees will receive three additional personal days per calendar year, effective at the time of the salary reductions.Belo expects to save $16 million annually between the pension freeze and the salary cuts. Read the full memo from Decherd here.
Posts
5 comments:
The Press-Enterprise just completed (I thought) layoffs. Has it begun laying people off again?
No more layoffs are in the rumor mill. Just pay cuts, rescheduling assets (less people working weekend shifts in the newsroom) and other general moral sapping moves.
No cuts for salaries under $25,000? Well, at least the reporters will be safe.
And it's pretty clear the days off are indeed unpaid days, which just means furlough days. Funny how they can't come right out and say it.
The memo mentions "layoffs under way" so that seems to say they're not completed.....
then again too: after the last layoffs the publisher was quoted, in the press-enterprise, as saying "staffing decisions would be made on a month to month basis...."
This is ugly, but not that ugly. The personal days are paid, just as other personal days are, maybe an offering to calm the natives. Layoffs are still being completed in Dallas, Belo's flagship. No word about layoffs in Riverside, though the paper said it's being assessed quarter by quarter.
Post a Comment