Senior managers at Independent News and Media (INM) have agreed to a temporary 10 per cent pay cut as part of the company's measures to deal with the fallout from the coronavirus pandemic.
In a statement, the publisher of the Irish Independent and Sunday Independent titles said the “significant, negative disruption” being experienced by the business had resulted in certain staff members being unable to carry out their roles.
“This loss of activity has had a consequential adverse financial impact on the business,” said the statement.
“Senior managers across the company have been asked to agree to, and have accepted, a temporary 10 per cent pay cut.”
INM also confirmed that certain other staff will effectively take a 10 per cent pay-cut, too.
For staff that cannot fulfil their roles temporarily due to the Covid-19 pandemic they will be placed on either “reduced hours or temporary lay-off”.
The company has committed to topping up these employees’ salaries to 90 per cent of their normal average gross income.
There are more than 90 employees affected in roles primarily across commercial advertising and classified marketplaces.
The company said it would avail of the series of Government measures to provide financial support to workers and employers affected by the Covid-19 crisis.
“INM intends to avail of the Government support available in respect of those eligible employees whose role cannot temporarily be fulfilled, while making a commitment to ensuring that such employees continue to receive 90 per cent of their normal average gross monthly pay during this period,” it said.
The company said staff on or below a salary of €30,000 would receive 100 per cent of their normal average gross monthly pay during this period.
“The measures will take effect, provisionally for a period of 10 weeks, from April 14th to June 30th but subject to constant review in light of changing circumstances,” said INM.
“We have thought long and hard about these decisions and have not made them lightly.
“We understand this is a very difficult time for all our stakeholders but we believe these decisions are prudent and right in response to the challenges we are facing.”
INM, which is owned by Belgian publisher Mediahuis, said it would continue to “monitor the ongoing impact” of the crisis on its business.