NEWARK, N.J. — New Jersey's largest newspaper says it will reduce employee salaries and no longer cover the entire cost of employee health insurance.
Publisher George Arwady says the moves, announced Thursday, were made necessary by a continuing decline in advertising revenues at The Star-Ledger of Newark.
The salary reductions will be done on a sliding scale, starting July 1. The first $40,000 of an employee's salary will be reduced 5 percent, the next $40,000 by 10 percent.
Employees also will have to pay 25 percent of their health care plan costs.
Earlier this year, the newspaper said it would stop contributing to its employee pension plan and ordered staffers to take 10-day unpaid furloughs this year.
Information from: The Star-Ledger, http://www.nj.com/starledger