Dow Jones union staffers to get small raise
The negotiated compensatory raise for eligible union-represented Dow Jones employees has been increased by a quarter-percent to 2.75%.
Under the terms of Article IV of the collective agreement between IAPE and Dow Jones, whenever the “standard merit increase guidance for non-IAPE corporate staff” exceeds the raise negotiated by IAPE and Dow Jones, that negotiated percentage will be boosted to match the corporate rate. The negotiated compensatory increase for 2021 was 2.5%
Dow Jones has confirmed that pay raises, effective July 1, will be calculated and paid on the July 15 pay date, with one day of work (June 30) paid at 2020 rates, and the rest of the pay period at new rates. There will be no requirement for retroactive pay.
IAPE-represented employees hired prior to May 1 are eligible for one of three types of negotiated pay raise: the adjusted compensatory increase of 2.75%, a scale advancement for employees paid according to our introductory pay scales or, for full-time employees earning gross wages of less than $1,000 per week, a minimum-dollar weekly raise of no less than $25. IAPE-represented employees are always entitled to the largest of these pay hikes.
A second negotiated compensation component will also be affected by Tuesday’s pay adjustment. In 2019, Dow Jones and IAPE negotiated a series of annual lump sum payments with 2020 and 2021 payments targeted at 0.5% of pay as of June 30, and dependent on the funding level of the management bonus pool. However, today’s 0.25% increase in the 2021 compensatory raise also requires a reduction in the 2021 target bonus.
The lump sum payment will be lowered from 0.5% to 0.25% subject to a further adjustment based on the funding for the management bonus plan. Lump sum payments will be issued in August at the same time as management bonuses are paid.
The IAPE union represents journalists at The Wall Street Journal, Barron’s and MarketWatch.com, among others.