Congrats Denver Post employees - here's a pay cut.

The good news is that layoffs aren't part of the deal, but it locks in 7 furlough days on top of pay cuts, no 401k, and higher health costs.

Union-represented workers at The Denver Post voted Tuesday to approve a new contract that calls for nearly $2 million in annual wage and benefit reductions.

The three-year newsroom contract mandates wage cuts ranging from 6 percent to 9 percent, depending on salary; higher health-insurance costs; seven days per year of unpaid furloughs; and a suspension of employer contributions to 401(k) retirement accounts.

The deal resulted from several weeks of negotiations between representatives of the Denver Newspaper Guild and a management team consisting of Denver Post and Denver Newspaper Agency officials. The DNA conducts business operations for The Post.

A separate concessions package was approved last week by DNA information-technology workers, and four other DNA unions also have renegotiated contracts on the table that are awaiting votes by members.

Post and DNA officials have said they need a total of $20 million in annual budget reductions from the unions in the face of a steep drop in advertising revenue.

Some or all of the concessions would be restored if The Post and DNA record four consecutive quarters of profits.