The FT sent out an email that the Media Guardian got a hold of.
It basically says they're freezing pay for those making over 30,000 pounds a year (wish I made that much). They are also offering employees the chance to reduce their hours (and pay). Staff can also apply for "voluntary redundancy." That's "buyout" to us Americans.
No hiring freeze though.
My paper had several rounds of buyouts this year. We've had wage freezes for everyone for a while now. We've had a virtual hiring freeze for months.
But this hours reduction thing is something I haven't heard of in the newspaper business yet. Anyone heard of other papers doing this?
Thursday, December 4, 2008
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