Another buyout
Dear Guild members:
You all should have heard from your shop stewards by now that the company informed me and Bill Ross earlier today that it is offering a buyout to ALL FULL-TIME Inquirer Guild members with the exception of those employees in classified ad sales and customer service.
Each employee eligible for the buyout is expected to receive a full application packet via email from the company by the end of today.
You have until Dec. 4 to apply for this buyout. The company will make its decision on whom to accept for the buyout (it has the right to reject anyone) by Dec. 6. The last day on the job for anyone accepted will be Dec. 29.
There is no target number of buyouts the company is trying to reach, it says. And it will not make any decision on whether layoffs will follow until after the holidays and after it sees how many buyout takers there are.
The buyout is structured this way:
4 weeks’ pay for each year of service, capped at 40 weeks. There is a 12-week minimum. (So, for instance, if you have worked here two years and are approved for a buyout, you will get 12 weeks of pay, not 8.)
Buyout recipients will also receive health-care coverage up to 40 weeks, depending on years of service. (With the same 12-week minimum of health-care coverage for those not here long enough to otherwise qualify for that in terms of years of service.)
For employees with the company more than 20 years, there will also be a $2,500 sweetener.
For employees with the company more than 30 years, that sweetener will be $5,000.
It is important that you DO NOT submit an application for buyout unless you are certain you want to be considered for it. Because once people are approved, they CANNOT RESCIND their application.
If you have specific questions or specific considerations you want the company to take into account, please reach out to me (dmastrull@inquirer.com) or Bill (bross@local-10.com), or Tom Zipfel, vp of labor relations, at tzipfel@inquirer.com.
We cannot provide financial advice. For that, please consult a financial expert.
In solidarity,
Diane
