Washington: The New York Times and Washington Post, two of the most prestigious titles in American journalism, plan another round of pay cuts, layoffs and buyouts amid a steep decline in advertising revenue.
The New York Times reported on Thursday that its parent company, the Times Co. plans to cut the pay of most employees by five per cent for nine months, in return for 10 days of leave, and to lay off 100 people.
The Washington Post reported that employees were being offered another round of buyouts, or early retirement packages -- the second within a year -- in an effort to cut costs.
The Times said the pay cuts will be in effect from April to December and will apply to staff at the Boston Globe newspaper in addition to the flagship New York Times.
It said the company will ask the Guild, the union which represents most newsroom employees, to accept the five percent cut and 10 days off voluntarily to avoid possible layoffs.
The newspaper said there would also be pay cuts of about 2.5 per cent at smaller parts of the Times Co., including About.com and a chain of small newspapers. Employees will get five days off.
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