THE SUNDAY Business Postnewspaper, which is owned by Cork-based media group Thomas Crosbie Holdings, has proposed a number of cost-cutting measures to its 70 employees aimed at reducing its overheads.

The company wants some staff to agree to a shorter working week. It is also offering incentives to staff for career breaks. Staff who are prepared to take two years off will get a payment of €20,000 while those taking three years will get €30,000. These moves are being sought on a voluntary basis.

Staff were informed of the proposals yesterday. It is understood that the company indicated that pay cuts would have to be introduced if the necessary cost savings could not be found through these measures.

Commenting on the move, Fiachra O'Riordan, chief executive of the Sunday Business Post, told The Irish Times: "We're the same as every other media business [in Ireland] in that we are examining a number of cost-cutting measures. It's a gentle process that we're engaged in at the moment."

Mr O’Riordan said that he hoped to introduce the cost-cutting measures in “the coming months”.

He declined to comment on whether the newspaper was profitable or not. The Sunday Business Posthad an average weekly circulation of 57,783 between January and June 2009, a year-on-year increase of 3.2 per cent.

Thomas Crosbie Holdings Ltd and Subsidiary Companies made a loss before tax of €2.5 million in 2008.