Oxford Mail staff asked to cut hoursStaff at the Oxford Mail and Times are being asked to accept what amounts to a voluntary pay cut Staff at the Oxford Mail and Times are being asked to accept what amounts to a voluntary pay cut, as its US owner Gannett seeks yet further ways of cutting costs. The move follows five voluntary redundancies among editorial staff in January, and a de facto pay freeze for 2009-2010. Staff right across the Newsquest group, which includes the Oxford titles, have been asked to ‘explore the possibility’ of taking one week's unpaid holiday or cut their working hours by at least half an hour a day (2.5 hours a week). Those who do agree to cut their hours will have no guarantee of returning to the full 35-hour week next year, though the company memo flags this up as a possibility.
The move is an attempt to protect shareholders from the effect of a major fall in advertising revenue, which was down year-on-year by 35% in the last quarter of 2008. Overall Gannett has returned more than $6.2 billion in value to shareholders since 2000.
The Oxford Mail chapel will meet on Tuesday March 10th to decide its response. AW 2009-03-04
|
