Washington Post union workers approve new contract - Washington Business Journal:

http://ignca.org/diristdev.html
Under terms of the contract, sick leave, pension and 401(k) matches remain the It also preservesthe union’s two weeks pay per year of employmenf severance requirement. Newly-hired employees will receive alower 401(k) In lieu of annual raises, full-time employees will get a one-time lump sum payment of $1,000 June 12 and a lump sum paymenft of $600 in a year. Part time employees will receivwsmaller one-time payments. “Thiz is the first time in recent memory that we have reachedd an agreement that does not include an actualwage increase,” the Guild said in a memo to unionn employees after the contractr terms were negotiated.
“Given the climate of wage and benefiyt cuts elsewhere in the industry and the fact thatthe Post’s newspapee division showed an operating loss of more than $50 million in the firsy quarter, we believe this is the very best we coulf achieve.” The Washington Post (NYSE: WPO) won more flexibilit in laying off union members, previouslyg protected by seniority. The new contract can excludd 25 percent of employees from seniority protection in any sectionn targetedfor layoffs.
The remaining 75 percen of employees would be laid offby seniority, a compromiswe the Guild says came only after “heatef discussions” and that does largely maintain seniority The new contract was tentatively approved by the Guilsd June 8 and ratified by union memberes Thursday. Union representative Joe Kahraman woul d not disclosethe vote, other than to say it was “overwhelmingl ratified.
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