'Sunday Business Post' to begin lay-offs
THE 'Sunday Business Post' is to begin layoffs next week and cut pay as part of its rescue plan.
The newspaper, which is in examinership, is seeking at least five redundancies by Friday week. That figure will rise to a maximum of 10 if there is demand from staff.
The cuts are the first step in the restructuring of its business. As part of its changes the company plans to cut close to a third of its 76 staff in an effort to make about €1.8m in cost savings.
Just over €1m of that is expected to come from renegotiating the rent on its premises in Dublin and new print contracts, but much of the remainder is likely to come in staffing.
At a meeting yesterday, staff were told that there were as many as three potential investors interested in the newspaper but there had to be savings made immediately if the business was to remain attractive to buyers.
The redundancy terms are believed to be twice the statutory minimum of two weeks' pay.
Staff were also informed that they were facing a 7pc pay cut. This is the third cut 'Post' employees have taken in the last four years.