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Irish Times Seeking Redundancies

 

Latest News on Redundancy & Outplacement - 20th November 2008

 

The Irish Times newspaper is seeking to cut about 50 to 60 jobs as part of a new cost-containment programme announced Wednesday 19th November 2009.

The company is also to introduce a pay freeze for staff for at least 12 months while bonuses for executive directors will not be paid. It also says it will only fill vacancies or renew contracts that are critical to business operations.

There will also be a significant reduction in the budget for hiring casual staff while existing terms and conditions of employment for staff are to be reviewed.

Management said it expected that a review of staffing levels, capacity and organisation could lead to 30 jobs going immediately with more to follow in the months ahead. A voluntary severance package is to be offered to employees.

The company is proposing to close its existing defined benefit pensions scheme for new entrants from January. The Irish Times said a review of its contract printing operation at Citywest is also under way.

The editor of The Irish Times , Geraldine Kennedy, said the measures were designed to protect the quality of the newspaper in a more difficult environment, to ensure it made its way through the current times with its editorial ethos and standards intact, to secure as many livelihoods as possible and to place the newspaper in a strong position to guarantee its standing, integrity and success in the future.

"Difficult propositions had to be confronted," Ms Kennedy said. "Many unpalatable options were put on the table. My priority has been the primacy of the editorial content of The Irish Times - in print and online - which is the basis of this company's success."

The managing director of The Irish Times told staff yesterday that the company would not break even in 2008 and that it was heading into deeper losses next year. The losses could be €13 million.

"Tough decisions need to be made if we are to come through this difficult period," Ms Donovan said. "The measures outlined will help but may not be enough. Given the already difficult economic conditions, which we expect to deteriorate further, we will have no choice but to review terms and conditions of employment to identify further potential cost savings."

 

 

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