By Frank Ahrens
Washington Post Staff Writer
Thursday, March 26, 2009; 9:52 AM
The Washington Post is offering employees another round of early retirement packages, or "buyouts," the fourth such since 2003 and second within a year, in its ongoing effort to cut costs to compensate for declining circulation and advertising revenue.
As with the buyouts offered last year, eligible Post employees must be at least 50 years old and have five years of Post service by the end of this year. They will receive a lump sum payment up to one-and-a-half times their salary, based on years of employment, as well as certain pension enhancements.
Unlike the past three buyouts, however, this round is more selective. Almost all employees in past buyouts who met the eligibility requirements could take the early retirement package. "This program will be limited to areas where positions do not need to be replaced or where we can otherwise achieve costs savings," Washington Post Media chief executive and Post publisher Katharine Weymouth wrote in an e-mail to employees this morning announcing the buyouts.
The targeted departments include The Post newsroom, the production and circulation departments, and a small number of positions in the advertising and information technology departments.
