pay cut

11 Stories

Bush Slashes Staff Pay for Struggling Campaign

Bush camp makes 40% payroll cut, downsizes Miami HQ

(Newser) - Donor pressure, plummeting poll numbers, and a wrench named Trump have caused Jeb Bush's campaign team to start what Reuters calls "reboot mode" and make a drastic decision: slash pay for campaign workers and downsize its Miami headquarters, leading to a 40% payroll decrease and $1 million savings... More »

Panetta: Curb Military Pay

Defense secretary also fears 'readiness crisis' ahead of sequestration

(Newser) - Leon Panetta is poised to recommend that military salaries increase just 1% in 2014, thanks to "budget uncertainties," insiders tell CNN . This year, military pay was increased 1.7%, and last year, President Obama took military pay cuts off the table—so Panetta's recommendation will be interpreted... More »

Detroit Mayor Slashes City Workers' Pay By 10%

Mayor slashes checks 10%, cuts health benefits

(Newser) - Another tangible sign of Detroit's bleak finances: The mayor today said the city's unionized workers must take a 10% pay cut along with reduced health care benefits, reports the Detroit Free Press . The unions promise a court fight, but Dave Bing says the in-the-red city has no choice... More »

Arizona Dem: Congress, We Need a Paycut

Ann Kirkpatrick wants to take $8,700 hit—first since Depression

(Newser) - Many lawmakers are calling on Congress to once again forego its annual raise, but Arizona Democrat Ann Kirkpatrick is taking things a step further, proposing an $8,700 pay cut. That would amount to 5% of a House member’s base salary of $174,000, and $4.7 million in... More »

AIG Attorney Makes Millions by Quitting Over Pay

Company to award Kelly mammoth severance package

(Newser) - Quitting in a snit over government-imposed pay limits has ensured a bumper payday for AIG's top in-house lawyer, insiders say. The bailed out insurance company is preparing to pay Anastasia Kelly several million dollars in a severance package under company terms that allow some execs to quit and collect severance... More »

New Pay Rules May Hurt Banks, but Protect Public

They'll discourage commercial banks from being investment banks

(Newser) - Steven Pearlstein isn't exactly wowed by the new salary rules being proposed for Wall Street. "Don't get carried away. By themselves, these measures won't prevent future crises, nor will they likely do much to lower the prevailing pay levels on Wall Street or in corporate America." But, he... More »

Pay Cuts: America's New Norm

Nine straight months of declining pay sets new record

(Newser) - In previous recessions, layoffs were the principal way for employers to cut costs—pay cuts were seen as demoralizing and a sure-fire way to lose workers to other jobs. But now pay cuts, sometimes in the form of demotions or shortened workweeks, are more common than at any time since... More »

Globe Union Caves, Votes to Accept $10M in Cuts

(Newser) - The Boston Globe's biggest union has ended a four-month battle with the New York Times company and voted to accept $10 million in pay and benefit cuts, the Boston Herald reports. Union members—who have been living with a 23% pay cut since rejecting an 8.3% decrease last month—... More »

Maestro Wages May Sink US Orchestras

(Newser) - Overpaid maestros had better accept slimmer paychecks before America's great orchestras sink into silence, John von Rhein writes in the Chicago Tribune. With the Great Recession raging and musicians accepting pay cuts, big-name conductors like Lorin Maazel and James Levine still rake in millions. Welcome to "the dirty little... More »

Globe's Rank-and-File Will Take Pay Cuts—if Execs Do

Management, unions sit down

(Newser) - Unionized Boston Globe employees say they’re willing to make sacrifices to save their foundering newspaper—but only if executives and managers do the same, the Globe reports. “If management is willing to lead us, to take pay cuts and concessions, I'm sure the union would be willing,”... More »

Times Cuts Salaries, Jobs; Post Offers More Buyouts

(Newser) - The economic crisis and outdated business models are forcing steep cuts at three venerable news organizations. The New York Times today announced a 5% pay cut for all employees, who were offered 10 extra days off as compensation, "in a spirit of shared sacrifice and as a way to... More »

11 Stories