'Business Post' seeking wage cuts of up to 8.5pc
THE 'Sunday Business Post' has become the latest media company to ask staff for pay cuts, presenting workers yesterday with a proposal for graded reductions.
The plans are understood to include an amnesty for anyone earning less than €35,000, with cuts ranging from 5.5pc for those paid under €50,000 to 8.5pc for those on more than €80,000.
The paper is also offering its 70 staff the opportunity to take a year-long pensions holiday, which would reduce the impact of the pay cuts by 2.5 percentage points at each of the income bands.
The paper's owner, Cork-based Thomas Crosbie Holdings (TCH), has previously resisted cutting pay as the paper's readership rose.
The Business Post had indicated plans for a voluntary redundancy programme.
The latest moves come after TCH last year offered staff at the 'Business Post' and its 'Irish Examiner' the option of taking career breaks of two to three years in return for payments of between €20,000 and €30,000.
TCH doesn't break out results for individual titles, but its most recent group-wide accounts show a pretax loss of about €2.5m for 2008, before the worst of the advertising collapse hit.
Most national titles, including newspapers in Independent News & Media, cut pay last year. Cuts have also been widespread across radio and TV stations.