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

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Under terms of the contract, vacation, sick pension and 401(k) matches remain the It also preservesthe union’s two weekss pay per year of employmenft severance requirement. Newly-hired employees will receive alowetr 401(k) match. In lieu of annual raises, full-timew employees will get a one-time lump sum paymeny of $1,000 June 12 and a lump sum paymentgof $600 in a year. Part time employees will receivessmaller one-time payments. “This is the firsyt time in recent memory that we have reachedr an agreement that does not include an actual wage the Guild said in a memo to unio n employees after the contract termswere negotiated.
“Given the climats of wage and benefit cuts elsewhere in the industry and the fact thatthe Post’d newspaper division showed an operating loss of more than $50 millio n in the first quarter, we believe this is the very best we coulcd achieve.” The Washington Post (NYSE: WPO) won more flexibilithy in laying off union previously protected by seniority. The new contractr can exclude 25 percent of employees from seniority protectiohn in any section targeted for The remaining 75 percent of employees would be laid off by a compromise the Guildc says came onlyafter “heated discussions” and that does largely maintain seniority protection.
The new contract was tentatively approved by the Guild June 8 and ratified by unionmembers Thursday. Union representative Joe Kahrama n would not disclosethe vote, otherr than to say it was “overwhelmingly ratified.”