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For less than 1 severance deal, Guild seeks Times pact for 1,100 - Newspaper Guild of New York
Tuesday, April 24, 2012
After Times management representatives indicated in the last negotiating session that there would be no contract without a freeze of the current pension plan, Guild negotiators today responded with a comprehensive financial package that lays out precisely what it would take to reach a fair labor agreement.
The Guild’s proposal would cost The Times far less annually than the $24.4 million severance package it gave former CEO Janet Robinson in December. In other words, for much less than it cost to pay out one departing executive, 1,100 Guild members would receive a year of fair wage increases and maintain their health and retirement benefits.
The proposal represents an increase of only $8 million to $10 million from what the company is already spending. And that doesn’t include substantial cost-saving steps to which the Guild has already agreed, like cutting time-and-a-half pay for the first five hours of weekly overtime to straight time pay, a 33 percent reduction.
FULL story at link.
