Financial Times to reduce staff costs

The Financial Times plans to reduce its staff costs by asking its staff members to work a shortened work week during the summer or taking longer vacations, The Wall Street Journal reports.

A Reuters story on the report states, “The move from the publisher of the Financial Times newspaper is part of its efforts to respond positively to the changing market, an FT spokesman told the paper.

“‘We’re giving staff three options, which are all voluntary,’ the spokesman told the paper. ‘The first is extended annual leave receiving 30 percent of pay, the other is to work a three- or four-day week between June and August and the third is the option to buy up to seven days’ annual leave.’

“The spokesman declined to comment to the Journal on the amount the company plans to save by introducing these measures.”

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