The Irish Times has told staff that it is seeking pay cuts ranging from 5% to 20% in a bid to cut costs. But management says it will not be seeking any redundancies.
The paper is facing significant losses - and had already introduced a voluntary redundancy programme before Christmas. It is understood that staff earning below €40,000 a year will not have their pay cut.
Those between €40,000 and €100,000 will experience a 5% pay cut, while staff earning more than €100,000 will see their earnings drop by 10%.
The deputy editor and deputy managing director will take a 15% cut, while editor Geraldine Kennedy and managing director Maeve Donovan will see their pay drop by 20%.
It is understood the Irish Times will also be seeking significant changes in work practices both at its editorial offices in Tara Street and at its printing plant in Citywest.
The changes would include the ending of the four-day week or nine-day fortnight for many staff, as well as other shift changes.
'These changes are a swift and decisive response to the dramatic fall-off in advertising revenue which is affecting all media companies in Ireland,' said Ms Donovan. She added that the decline in property and recruitment advertising had been particularly marked.
