Categories: OLD Media Moves

FT staff upset over profits

Stephen Brook of The Guardian in London reports that The Financial Times staff plans to file a protest with the head of its parent company about why staff cuts and wage freezes are being implemented at a time that profits are rising.

Brook writes, “Scardino will brief FT staff in London, who have voted to hold a strike ballot over compulsory redundancies, on the company’s 11% rise in profits for 2008, announced on Monday, and will then take questions. She is also due to talk to Pearson employees in New York and Hong Kong.

“Union staff have voted to hold a strike ballot in protest at the FT decision to impose 80 redundancies, including 20 journalists, but are negotiating with management over the cuts. Management have offered staff the chance to work a three-day week over the summer as one of a number of cost cuts.

“‘The results confirm to us that the dispute can be resolved simply and swiftly through negotiation,’ said David Crouch, the National Union of Journalists acting father of chapel at the FT. ‘There’s no need for compulsory redundancies and for a pay freeze at the Financial Times.'”