Post Sweetens Buyout Deal, But Not Enough To Reach Agreement

The Washington Post is in the middle of trying to pay up to 48 of its employees to leave, and time has run out on negotiations between the Post and the Guild as to what constitutes a fair offer. Therefore, the Post gets to make its final offer under the terms of the guild contract.

The paper will offer 3.25 weeks of severance pay for every year of service, up from the 2.5 weeks the company initially offered, but down from the five the Guild asked for.

It will increase health insurance coverage to a full 12 months for everyone who takes the buyout.

And it makes part-time reporters, but not part-time support staff, eligible for the buyout.

Final offers will go out next Wednesday, and employees will have 45 days to decide if they want in. During this same period, the company is going to offer raises to employees it wants to demonstrate an interest in retaining.

The guild says:

“The Post’s buyout offer is better than it was at the start of negotiations. But we still feel that many will find it inadequate when considering whether to surrender jobs that they have long considered to be their calling. We also believe this buyout offers yet another unsettling glimpse at the Post’s business strategy, which appears to be a belief in cutting costs at every turn while promising readers that they will still receive the level of coverage and professional quality that earned the Post a national reputation for excellence.”

Publish date: February 24, 2012 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT