NEW YORK – The New York Times Co. is cutting pay for most employees by 5 percent for a nine-month period and laying off 100 people.
The company's flagship newspaper reported on its Web site Thursday that the cuts will hit most nonunion workers and run from April through December. Employees will receive 10 days off in return.
Click here to read the internal memo.
The Times reported that union employees have been asked to take the cut voluntarily to avoid potential layoffs at the company, which has been struggling with an industrywide advertising downturn.
Job cuts will come in the business operations of The New York Times, amounting to 5 percent of the total 2,000 workers in that part of the company.
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