FT asks staff to take extra holiday on reduced pay
LONDON - The Financial Times has asked its staff to take an extra week's holiday this year, at 30% of their usual pay, in a bid to reduce costs.
Less than 10% of the paper's staff is said to have accepted the plan, which is reportedly not compulsory.
Lionel Barber, the FT's editor, is believed to be among the employees who have agreed to a reduction in salary.
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Barber reportedly wrote to senior staff last week encouraging more volunteers.
The scheme comes as the newspaper industry continues to suffer a dramatic decline in advertising revenue.
Pearson's FT announced in January that it was to make up to 80 staff redundant across several departments.
This followed action in December last year when the FT offered staff voluntary redundancies and froze the salaries of employees earning more than £30,000.
Separately, staff at News International will not receive a pay rise this year.
Employees will instead receive a one-off payment of between £250 and £750 later this year, based on their performance rating.
FT: asks staff to take extended holiday
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