Irish publisher demands 10% pay cut

Staff at two Irish newspapers have been told they must accept a 10 percent pay cut and a possible 50 percent cut in their pensions. More than 300 employees of the Cork-based Irish Examiner and Evening Echowere told of the plan by the publishers, Thomas Crosbie Holdings, at a weekend briefing by managers. They were told there was a EUR 20m deficit in the company’s defined-benefit pension fund. This derived mainly from poor investment performance. In February 2009, Examiner staff were given a pay freeze and offered a series of voluntary alternative working structures. The Examiner’s sale has been falling in recent years. According to the latest ABC figures, its sale for the first half of 2010 dropped by 7.3 percent to 46,687

http://www.guardian.co.uk/media/greenslade/2010/sep/20/downturn-ireland

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