The Star-Ledger, New Jersey’s largest paper, is no stranger to belt-tightening, but they’re going to take it one step further later this year. After asking 200 employees to take buyouts just a few months ago, the paper announced yesterday that it will now be reducing employee salaries and its payments for their health care benefits.
According to the AP, remaining Star-Ledger employees’ salaries will be reduced on a sliding scale starting July 1, with the first $40,000 reduced by 5% and the next $40,000 by 10%.
In addition to the salary cuts, the Star-Ledger will also no longer cover the full cost of its employees’ health care coverage, instead requiring them to pay 25% for their health care plan.
Earlier this year, remaining employees were told the paper would no longer contribute to their pension plan and were also asked to take a 10-day unpaid furlough in 2009. Still, given the current state of the newspaper industry these beleaguered staffers are probably grateful to still have jobs.
And if they’re not, they can always join their departed colleagues in their new local news online venture. If you’re a current or former Star-Ledgerreporter or editor, we want to hear from you. Email us or leave us a note in the comments below.