Times union takes pay cut
NEW YORK - Union workers at The New York Times will accept a 5 percent pay cut through the end of the year to help the newspaper avert more layoffs.
The Newspaper Guild members approved the wage reductions by a vote of 377 to 36 in balloting completed last night, according to The New York Times's website.
Management plans to restore pay to its previous levels next year if the newspaper's advertising revenue rebounds.
Employees are receiving 10 days' paid vacation in return for the concession.
The same terms have been in place for nonunion workers, including management, since April 1. The New York Times Co. hopes to save about $4.5 million in costs and hold onto 80 newsroom positions with the salary reduction.