British daily newspaper The Financial Times is to halve its customary pension contributions, due to the financial strain of the Covid-19 (Coronavirus) pandemic.
The organisation has chosen to decrease its pension contributions by temporarily matching employee pension contributions, instead of its usual practice of double matching staff contributions.
Additionally, its top 80 managers and editors will have their salaries reduced by 10% for the remainder of the year, while board members will see pay cut by 20%, and 20 non-editorial employees have been furloughed.
The Financial Times‘ annual bonus will also be suspended this year.
John Ridding, chief executive at The Financial Times, stated that he would accept a 30% pay reduction of his wages.
In an email to employees Ridding said: “Despite record levels of reader engagement, it could not offset the sudden and severe revenue shocks.”