INDEPENDENT NEWS Media (INM) is seeking pay cuts of up to 5 per cent from its senior executives and managers, including chief executive Gavin O’Reilly.
This would amount to a reduction of €37,550 for Mr O’Reilly, who was paid a salary of €751,000 last year.
It is understood the reductions being sought would yield INM a saving of about €650,000 a year. The pay cuts are being applied to all of its activities in Ireland.
Details of the cuts have been made known to management and staff in the past week or so.
INM is also seeking to end the payment of premiums for working bank holidays to editorial staff.
It is understood that managers earning more than €100,000 will take a reduction of 2.5 per cent on their pay up to that level and 5 per cent on earnings above that.
A flat 5 per cent pay cut has been sought from senior executives.
INM's titles include the Irish Independent, Sunday Independent, Sunday Worldand Belfast Telegraph.
The move comes in the wake of a negative trading update from INM.
On November 18th, INM said its underlying revenue in the year to date was 5.6 per cent lower than last year, with advertising down 6.4 per cent and circulation income 1.6 per cent lower.
Its full-year operating profit is expected to be in the range of €74 million to €78 million.
