The New York Times Co. and the Boston Globe Newspaper Guild reached tentative agreement early this morning on $10 million in contract concessions, saving the newspaper from the threat of obliteration. The Times had reached agreement with 3 other smaller unions at the paper over the weekend.
Miracles do happen.
The proposal that The Boston Globe’s largest union will present to its members tomorrow calls for an 8.3 percent wage cut and an additional five-day unpaid furlough, according to a person briefed on the negotiations.
Together, the two measures amount to a roughly 10-percent wage cut for the Boston Newspaper Guild, which represents more than 600 editorial, advertising, and business office employees.
Other provisions, according to another person briefed on the matter, included: a freeze in pension contributions for many employees, an end to 401(k) matching contributions, and an elimination of lifetime job guarantees now enjoyed by 190 Guild members over the years in exchange for other concessions.