The Monterey Herald and the Newspaper Guild have reached a tentative agreement on a new contract, reports the San Jose Media Guild.
The contract includes compromises on both sides. The company isn’t getting the pay cut it asked for and employees with five weeks of vacation will get to keep them, but the newsroom has agreed to take a three-year wage freeze.
Employees will take a one-week furlough in the last quarter of the year in exchange for layoff protection through Dec. 31, 2010. The company could also mandate one more week of furloughs in the first half of next year if needed.
And the company is freezing its 401(k) match effective Nov. 17, to be restored at a TBD date.
The employees who have accrued five weeks of vacation get to keep it, while everyone else’s vacation will now cap off at four weeks.