St. Joe's saves by putting staff on 4-day week for summer; cutting pay 5% through October
[This post has been updated] Breaking news: Staff at St. Joseph Media (Toronto Life, Fashion, Canadian Family etc.) have been told that they are taking a "short term 5% pay cut" by working a four-day week during July and August. More as we hear it.
[Update: Masthead magzine reports that the 5% cut stretches from April through October, with the short weeks for July and August and quotes St. Joseph Media president Doug Knight:
[Update: Masthead magzine reports that the 5% cut stretches from April through October, with the short weeks for July and August and quotes St. Joseph Media president Doug Knight:
"For somebody earning $40,000 a year, after deductions, their take home pay will go down about $26 a week....We're matching costs to revenues as best as we can. At the end of the day it's about protecting jobs."He also says that staff will be expected to get the same work done in the time they are being paid.]
posted by D. B. Scott at
11:56 am
2 Comments:
If Doug Knight expects the employees to do in 4 days what they used to do in 5 days, it is then reasonable to surmise that he believes that they were loafing for 20% of their time at work.
nicholasT
Correct, Nicholas, OR that 12-hour day I just worked COULD have been stretched to 15-hours. Either way the math works out just fine.
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