03/27/2009 (2:36 pm)
New York Times plans temporary pay cut, layoffs
NEW YORK – The New York Times Co. is cutting pay for most employees by five per cent for a nine-month period and laying off 100 people.
The company's flagship newspaper (NYSE: NYT) reported on its Web site today that the cuts will hit most nonunion workers and run from April through December. Employees will receive 10 days off in return.
The Times reported that union employees have been asked to take the cut voluntarily to avoid potential layoffs at the company, which has been struggling with an industrywide advertising downturn pay day loans.
Job cuts will come in the business operations of The New York Times, amounting to five per cent of the total 2,000 workers in that part of the company.
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