Thursday, April 2, 2009

Shooting down rumor about Friday

A reader writes that a high level editor says the layoffs will not
happen Friday. For what it's worth.

Useful info on COBRA

A former DMN-er writes:

The economic recovery act passed earlier this year provides COBRA premium assistance for laid-off workers.

Here's a link where folks can find out if it makes sense for them:

Today's unsourced rumor

A reader writes:
"I'm hearing layoffs could start Friday."

Has anyone else heard this?

Pay cuts May 1

Letter from Decherd today:
On Tuesday, the Board of Directors approved my recommendation to reduce my base salary by 20 percent and the base salaries of other Management Committee members
by 15 percent, effective immediately. In addition, all full-time employees making more than $25,000 per year will have reductions in base salary as follows:

Base Salary % Reduction
$25,000 and under 0 %
$25,001 - $74,999 2.5 %
$75,000 - $102,499 5.0 %
$102,500 - $149,999 7.5 %
$150,000 - $225,000 10 %
Over $225,000 15 %

These changes will be effective starting in the payroll cycles on or near May 1. The annual savings represented by these reductions exceed $10 million.
To cushion the impact of the wage cuts, all impacted employees will receive three additional personal days per calendar year, effective at the time of the salary reductions.

So no furloughs at this point? There may be another shoe to drop, though. The letter ends: "I will communicate with you again soon."