Good enough, but not cheap enough to work — well, you know

The graf starting "In a written statement..." makes me sick. Can we post all of the different ways publishers and bean counters have spun "We want old people to quit so we can hire young and cheap and meet Wall Street's unreasonable expectations"?


http://www.cleveland.com/weblogs/business/index.ssf?/mtlogs/cleve_business/archives/2006_08.html#171129

Plain Dealer offers employee buyouts



10:05 a.m. (updated 11:52 a.m.)

The Plain Dealer today announced a voluntary employee buyout plan. Editorial and business office workers 50 and older with at least 20 years' service are eligible for a payment equal to 2-1/2 years of salary and other compensation. There are several options for receiving the payment, including a lump sum.

Employees under 50 and/or with less than 20 years' service can receive two weeks' pay for each year of service, also payable in several ways. Workers taking the buyouts keep certain benefits. Employees have two weeks to ask for more information and 45 days after that to decide whether to take the buyout.

In a written statement, Plain Dealer Publisher Terrance C.Z. Egger said:
In order to be as efficient as possible and to continue to provide our readers and advertisers with a high quality newspaper, we need to adjust our expenses to coincide with our revenue. We are pleased to show our respect for and recognition of our employees with an extremely attractive program. This program is completely voluntary and we are proud to reward The Plain Dealer's long-standing employees with an opportunity for financial assistance as they make a very personal decision.
Newspapers across the country have been offering buyouts in recent years. Earlier this week, the Dallas Morning News announced plans to cut at least 85 newsroom jobs. Falling circulation for print papers, despite growth of online counterparts, along with declining advertising revenues have been blamed in most cases.

In an interview shortly after he took over as publisher of The Plain Dealer, Terry Egger talked about the paper's future. Click here to download an MP3 of the first half of that interview; click here for the second half.

Details of the buyout offers (for employees covered by union contracts)

Age 50 or more, at least 20 years of service as of Dec. 31, 2006
-- Value of 2-1/2 years' pay, in lump sum, monthly payments, as post-tax amount for purchase of health-care coverage, or combination of above.
-- Value of 2-1/2 years' health-care coverage, as continuation of current coverage or for post-65 retiree health care.
-- Ability to continue in 401(k) plan.
-- Outplacement services if requested.

Under 50 and/or less than 20 years' service
-- Value of 2 weeks' pay for each full year of service, in lump sum, monthly payments, post-tax amounts to buy continued health-care coverage or retiree health-care coverage, or combination of above.
-- Value of 2 weeks' health-care coverage for each full year of service, to continue health-care coverage or use for post-65 retiree health care.
-- Ability to continue in 401(k).
-- Outplacement services if requested.

There are some differences in the offer to non-union employees.

 

Damn. Is this the end of all hope?

Guess this would be a pretty sweet deal if you were 63 or so.

 

One of my best friends is a reporter there and he said this hasn't exactly been a morale boost. :-\