Indo seeks staff pay cuts to save €1.5m

INDEPENDENT News & Media is looking to make cost savings of around €1.5 million in its Irish operations next year through the implementation of pay cuts for staff of between 2.5% and 10%.

INM yesterday began a series of staff meetings at its Irish operations — including the Irish Independent, Sunday Independent, Sunday World and various regional titles — where management detailed its cost reduction proposals.

It is understood that staff members earning €40,000 or less will have their pay frozen for the next 12 months, while those being paid between €40,000 and €50,000 will see a 2.5% cut. Staff currently on salaries of between €50,000 and €100,000 will see their wages cut by 5%. Staff earning more that €100,000 face a 10% pay cut. Staff expenses are also likely to be curtailed.