FT Journalists Call Off Action After Accepting Improved Pay Deal
21 März 2012 - 4:52PM
Dow Jones News
Journalists at the Financial Times newspaper have called off
industrial action that was planned for this week, after accepting
an improved pay offer from management, the National Union of
Journalists said Wednesday.
FT Managing Editor Lisa MacLeod told staff in a letter that the
FT, which is owned by Pearson PLC (PSON.LN), will increase pay by
between 2.5% and 3.0%, having previously offered 2.0% to 2.5%. Some
staff could get an additional 0.5%, known as merit pay, subject to
their performance.
"The offer had been controversial because a third of the money
set aside for the year's increase was to be used as merit pay or
for staff retention at the managing editor's discretion," the NUJ
said in a statement on its website.
MacLeod told staff that the award "recognizes the hard work and
vital contribution of our editorial team within the context of an
extremely challenging commercial environment," according to the
NUJ.
In February, Pearson said it expected to increase sales and
profit in 2012 despite a tough market, as investment in its digital
businesses helped drive full-year adjusted earnings above guidance,
although net profit fell to GBP957 million from GBP1.30 billion a
year earlier.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290;
lilly.vitorovich@dowjones.com
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