Tribune Publishing joins the pay cut trend
Tribune Publishing CEO Terry Jimenez announced a series of permanent pay cuts for non-union employees as the company battles with the economic effects of the pandemic, reports Poynter.
The cuts take effect April 19.
Jimenez said, “the company will permanently reduce base pay from 2% to 10% for employees who have an annual base salary of $67,000 or more. These reductions will be on a sliding scale, with those earning more taking a steeper cut.”
He further added, “I will be foregoing my salary for two weeks in addition to a 10% reduction in my base salary, totaling a 13.8% pay reduction.”
In addition, the board of directors will also take a 13.8% pay reduction in their fees.
The company is also offering buyouts as per the memo, which states:
“Consistent with the company’s severance policy, employees will, alternatively, have the option to apply to leave the company and receive severance in lieu of the annual base salary reduction.”
Employees must choose an option by April 17.
The memo further states that employees represented by unions will be subject to cuts to be determined.
The full memo can be read here.