AP Offers 263 Buyouts

The Associated Press, which is trying to cut staffing costs by 10%, has been offering buyouts to 263 eligible employees.

The offers went out three weeks ago, E&P reports, but the company has not been publicizing the information.

Employees who accept the buyout will get $500 for each year of service and a pension plan payout that is 14 to 16 percent higher than the employee would normally get.

Eligible employees are age 55 or higher, have at least 10 years of service, and their total age and years of service add up to 75 or more.