NYT Guild Approves 5% Pay Cut | Adweek NYT Guild Approves 5% Pay Cut | Adweek
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NYT Guild Approves 5% Pay Cut

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Newspaper Guild members at The New York Times approved a 5 percent pay cut on Monday night, which is part of a cost-cutting plan that also includes 10 furlough days during 2009, the New York Post reported.

The Post reported that the union representing 1,200 workers at the paper "strongly voted" for the pay cut, but offered no specific details. The reduction takes effect today.

The salary reduction also matches a pay cut that occurred April 1 for management and non-union workers. The Times says the approval saves $4.5 million.

The paper would have had to cut 80 jobs if the salary reduction was not accepted, the Post reported. But Times officials have said layoffs may still occur.