The employees of The Press will suffer a decline in their average pay of 14 % due to the economic downturn, announced the direction of the daily, Thursday.
For example, the salaries of all employees (unionized, managers and members of senior management) will be slashed by 10 % and the employer’s contributions to the pension fund will be reduced temporarily.
The written media was mentioned by a press release that “the advertising market saw a dramatic slowdown because of the crisis of the COVID-19. Since the majority of its revenues are tied to advertising, The Press went through a difficult time.
“This situation out of the ordinary forces us to take exceptional measures in order to ensure the sustainability of The Press, “said Pierre-Elliott Levasseur, president of The Press.
Experiencing already in financial straits, The Media said to be “on track to achieve the financial balance by the year 2020″, but the strong economic downturn pushing them to act, even if his strategy remains the same”.