Pay cuts have reached Hebrew daily “Yediot Ahronot”. The newspaper's employees will reportedly be informed of another cut in their salaries, two years after the last one. Sources inform “Globes” that the pay cut will be 10%, and affect all employees.
"Yediot Ahronot" publisher Arnon Mozes was unavailable for comment by web-posting.
"Yediot Ahronot" cut employees' salaries two and a half years ago, as did Israel's other dailies. In "Yediot Ahronot's " previous round of cuts, the salaries of managers were cut 10%, and other employees 4-8%, depending on their pay grade. However, employees' salaries returned to their pervious levels over time. The present pay cut follows the newspaper's plan to cut its daily economic supplement to 16 pages.
Two years ago, most of Israel's newspapers cut employees' salaries: "Yediot Ahronot", "Ma'ariv", "Ha'aretz", "Globes", and "The Jerusalem Post", as well as most local papers. Due to rising global prices for newsprint, and in the wake of a trend started by "Ma'ariv", it seems that pay cuts will spread to other newspapers.
In recent months, "Ma'ariv" has carried out a number of streamlining measures, including 100 lay-offs, half of whom were veteran correspondents and editors.
Published by Globes [online], Israel business news - www.globes.co.il - on March 2, 2005