Is the Los Angeles Times about to offer voluntary buyouts?

Guild message

Management just informed me that the company will be offering a round of voluntary buyouts. The information I have at the moment is limited, but management will be communicating more this evening.

For now, I’m attaching Articles 10 and 11 of our collective bargaining agreement, which covers voluntary separation and enhanced severance. The buyouts will be available to staff members who have been with the paper for at least two years.

The terms are as follows: four weeks of pay for the first year of service and two weeks for each subsequent year or fraction thereof. Health, vision and dental insurance will continue for the duration of the severance package.

Management says that the buyouts are not a precursor to coming layoffs. They do not anticipate offering another buyout in the future.

Hold off on questions until the company sends a memo later this evening, two informational meetings are scheduled for tomorrow in El Segundo.