Staff at the Irish Examiner and the Evening Echo newspapers which are based in Cork have been told by management that they will have to accept a 10 per cent pay cut as the newspaper group faces major financial challenges.
They have also been warned that their pensions could be cut by as much as 50 per cent after management reported a €20m deficit in the company’s defined benefit pension fund.
Some 300 workers attended a tense and angry three-hour meeting yesterday at which they were told that the cuts were essential in order to secure the future of the paper.
According to the company, the €20m deficit has come about as a result of poor investment performances over the last number of years.
Union representatives at the paper said staff were angry at the outcome of the meeting. Management will hold meetings with unions at the papers later this week.