New York Times Employees Approve Pay Cut

The New York Times Company continues to look for ways to save money in the struggling newspaper industry. On Monday, New York Times union workers agreed to voluntarily cut their pay by 5% for the rest of 2009. On the newspaper’s website, a report indicates that the final voting tally shows 377 of the 413 votes were in favor of the pay cut.
Why would the union workers agree to the pay cut? First of all, without a pay cut, the newspaper itself may have been shut down before the end of 2009. Secondly, the workers will get a reported ten …read more