New York newspaper Syracuse Post-Standard to cut employees' pay by 5%-12%, offer buyouts to deal with slumping advertising revenues
May 1, 2009
– The Syracuse Post-Standard is cutting pay for employees in the wake of a prolonged slump in advertising revenues.
Newspapers executives told employees Thursday that their pay will be reduced July 1 through the end of the year by a range of 5 to 12 percent, depending on pay levels. The highest-salaried people will get the steepest cuts.
The paper also is offering a buyout of a year's pay to employees with at least seven years of full-time experience. In addition, all employees will begin to contribute 25 percent of their health care coverage costs.
The cuts come on the heels of 10 days of involuntary furlough announced last month.
Newspaper officials say they are committed to keeping The Post-Standard a seven-day a week daily newspaper.
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