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.
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