Times targets 100 in newsroom buyout; bonus for veterans
Times management is offering all Guild-covered Newsroom and Editorial Department employees with at least five years of service a buyout that would be its richest package ever for veterans with at least 20 years under their belts.
On top of the minimum buyout requirements spelled out in our contract – three weeks per year for members with 11 or more years of service (up to two years pay) and eight months of Cobra medical coverage – the company would throw in an extra 35 percent of the value of the package for employees with at least 20 years of service.
Management said the buyout offer, which followed discussions with the Guild, is aimed at cutting 100 Guild-covered and nonunion workers from the staff. That number could change based on the salaries of those taking the buyout. The company also said it will resort to layoffs if its target isn’t met, in which case there would be no paid health insurance and no 35 percent kicker for employees with 20 years or more.
Here’s how the buyout offer would apply to employees, based on years of service.
-- Employees with at least 35 years of service would get twice their pay for 2013, an additional 35 percent of that figure, plus eight months of paid medical coverage.
-- Employees with at least 20 years of service, but fewer than 35 years, would get three weeks per year of service, an additional 35 percent of that figure, plus eight months of paid medical coverage.
-- Employees with at least 11 years of service, but fewer than 20 years, would get three weeks per year of service, plus eight months of paid medical coverage.
-- Employees with at least six years of service, but fewer than 11 years, would get 30 weeks of pay, plus four months of paid medical coverage.
-- Employees with more than five but fewer than six years of service would get 15 weeks of pay, plus four months of paid medical coverage.
-- Employees with fewer than five years of service are not eligible for the buyout.
New York Guild President Bill O'Meara said employees will have until 5 p.m. on Oct. 17, 2014 to apply for the buyout, and management told the Guild that employees who take it will receive their first payments in 2015. Those interested must request a copy of buyout package; it will not automatically be sent to everyone, as was done in the past.
The Guild urges those interested in the package to contact a Guild representative: Grant Glickson, the unit chair, at (212) 556-1030; Mindy Matthews, the grievance chair, at (212) 556-1751; or Anthony Napoli, the local representative, at (212) 730-1508.