Journal employees face 6% pay cutDon @ IdahoRadioNews | April 2, 2009
Journal Communications announced it will cut salaries for all non-union employees by six percent.
“There is a high probability that this environment will continue for at least the balance of 2009,” CEO Steven Smith said in a letter intercepted by the AP. “As we manage for the long-term success of the company, we must identify constructive ways to continue to reduce costs.”
But to somewhat soften the blow of the six percent cut, JC will give all employees an extra ten days off this year. Those days will technically be paid, albeit at the lower pay rate. Ten days works out to be about 4% of total work days – so it’s not an even trade… but it certainly isn’t nothing.
Journal says it hopes to restore pay in 2010. Shares jumped almost 60% on the news.