Earlier today, a Macmillan US memo announced a 2009 pay-freeze for all employees who earn more than $50,000. The plan will affect all the imprints under Macmillan’s umbrella, including Farrar, Straus, and Giroux, Picador, and St. Martin’s Press.
Despite the freeze, medical plans appear to remain intact and retirement funds held steady. Gawker has the complete memo, along with this important note:
“For those making under $50,000 there will be a pool for modest increases. All bonus plans will stay in effect, but all are sensitive to individual company profitability and individual performance … It has been a very tough year for retirement savings, so I’m happy to say we plan to make our usual discretionary contribution to the 401k plan for 2008 (paid in March 2009). As we informed everyone last week we will continue to absorb the same percentage of costs for our medical benefit plans. “