Irish Examiner, Evening Echo and TCM staff asked to take 10% pay cut

Staff at the Irish Examiner and Evening Echo newspapers, as well as at new media company Thomas Crosbie Media (TCM), have been asked to take a 10% pay cut.

The request, which will be discussed with union representatives next week, was made by the management of Thomas Crosbie Holdings, the group holding company.

"The company has tried to avoid pay cuts for as long as possible while other media companies have been implementing cuts over the last two years," the company said in a statement.

"The company believes that pay cuts are now essential to protect the future of the business and employment within the business.

"The Irish Examiner and the Evening Echo are as challenged as other companies in the media sector, but we are satisfied that we are taking the steps necessary to ensure the future success of the business."

The cut, if agreed, will take effect from October 1.

The company also outlined to staff at a meeting in Cork's Rochestown Park Hotel this afternoon, that its defined benefit pension scheme has a deficit of about €20m, which it will be unable to fund in full within the 10-year-period required by the Pension Board.

The company trustees advised that, based on actuarial advice, the overall level of funding being provided by the company will result in a significant reduction in pension scheme benefit.

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