St. Petersburg Times cuts staffers’ pay 5% for five months

St. Petersburg Times
Employees at the Poynter-owned paper will be given five additional days off, with pay, during the five-month period, reports Eric Deggans. The Times will save about $1 million in payroll costs with the move. CEO Paul Tash says there’s likely to be additional job cuts, and “with that in mind, the company is changing its severance policy, from the current maximum of 40 weeks’ pay to a new cap of 26 weeks – the equivalent of six months – starting October 1.” A 5 percent pay cut was also implemented in the fall of 2009. || On Wednesday, the Philadelphia Daily News offered buyouts [PDF] to Guild employees.
> St. Pete Times managing editor/presentation leaves the paper — again