YOUR MONEY OR YOUR LIFE: The Newspaper Guild at the New York Times is worried about a $4M shortfall in its benefits fund. Photo: AP
Posted on 03/12/2005 1:56:48 AM PST by Liz
YOUR MONEY OR YOUR LIFE: The Newspaper Guild at the New York Times is worried about a $4M shortfall in its benefits fund. Photo: AP
The New York Times faces a looming $4 million shortfall in the health and benefits plan that is administered by the Newspaper Guild and about 1,500 unionized members may have to give up a 3 percent pay hike.
An e-mail from the Guild jolted unionized members, who were told that their benefits fund faces a "major financial shortfall that is projected to hit about $4 million this year."
The Guild said members face two options: skip the 3 percent pay hike that was to go into effect at the end of the month and divert the money to the benefits fund or take the pay hike and face "a drastic cut in benefit levels including the elimination of all dental, vision and life insurance."
Some insiders are incensed.
"They're giving us a choice," said one. "Either we can slide down a razor blade until we're split in half or else we can jump into a pit of molten lava."
The union is recommending that members skip the pay hike.
William O'Mara, secretary/treasurer of the Newspaper Guild, said the Times benefits fund is not broke, but it is paying out more in benefits each month than it is taking in.
Right now, he said there is an eight-month reserve, estimated to be between $8 million to $10 million in the fund.
It didn't help among the rank and file that news of the benefits crisis broke the same day Times Publisher and Chairman of the board Arthur Sulzberger, Jr. had received a pay hike to $2.82 million in 2004 from $2.7 million 2003.
(Excerpt) Read more at nypost.com ...
(Sob) What a relief---Pinch won't have to economize (/sarc). He can still do those Four Seasons lunches while the rank and file eat their canned tuna sandwiches.
Amazing he gets a raise while NY Times circulation is dropping like an African swallow trying to cross the English channel carrying a 1000-lb coconut...
Common wisdom among Academics is "publish or perish." However if NYTimes and its Leftist Book Review dies, it would be more a case of Publish Tripe And Perish....
"STOP THE PRESSES!
SOMEBODY ACCIDENTALLY LET A FACT SLIP IN!"
LOL
THIS JUST IN: I got "news" for the NYT, the union shortfall is only the tip of the iceberg. Always a sign of business problems is that the NYT is selling off real estate. What else are they hiding in those Enron-type accounting figures? Hmmmm?
LOL....... nice zinger.
I Googled just to find this and now need to take a shower. The NYT does offer "domestic partner benefits" to it's employees, but I bet that doesn't have a thing to do with the shortfall. /sarcasm
Domestic partner benefits?
(Sniffle) Gosh, that means the NYT is so "tolerant and compassionate" .......no matter who has to pay for it (sob).
Another House-o-Cards revealed by the crime syndicate; NYTs, Unions & assorted other Leftist scammmers. This is going to be interesting, Artie pinches another loaf.
Good Morning...early riser, you...more snow...ugh..I have to go hunt for my copy of the Times..
And what is your favorite color?
Thanks for a smile this morning...
No, it doesn't. An internal audit of the benefits program showed that Maureen Dowd's birth control pills accounted for 79% of total medical payments.
My husband's company, About.com, was just bought by the NYTimes and the contract is to be signed this week! The benefits folks from the NYT are coming to give the Abouter's the info to switch their benefits to the NYT. This is not good at all. We use his health and dental benefits because my totally suck. Crapola!
LOL... It's among the fastest birds in the world while carrying the coconut. The only trouble is that the flight is very short and that it's going straight down!
Damn........talk about bad timing.
Irony BUMP!!!
Of course, the liberals at the NY Times will only see this "crisis" as more reason for totally socialized medicine.
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