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Scripps early retirement deal?

Discussion in 'Journalism topics only' started by Moderator1, Mar 21, 2007.

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  1. Moderator1

    Moderator1 Moderator Staff Member

    Got this on the pipleine, still looking for more details. Email is sjmoderator@aol.com

    Scripps is (apparently) initiating a company-wide early retirement deal today.

    Basically, you get 2 weeks of pay for every year of service, plus two years of medical and dental coverage. Have to be 55 years old plus have 10 years of service to do it.
     
    Moderator1, Mar 21, 2007
    #1
  2. steveu

    steveu Well-Known Member

    You aren't imagining things. Poynter's website has it listed under Romenesko memos. Purely voluntary, no one's being "forced out"...
     
    steveu, Mar 21, 2007
    #2
  3. MileHigh

    MileHigh Moderator Staff Member

    Got the e-mail on this end about a half hour ago. The scenario you laid out Moddy (10 years with the company, age 55 by April 2) is correct. It affects 50 people out here. Our shop will take 20, based on seniority.
     
    MileHigh, Mar 21, 2007
    #3
  4. slappy4428

    slappy4428 Active Member

    Good for Scripps; always looking out for its employees.
     
    slappy4428, Mar 21, 2007
    #4
  5. ServeItUp

    ServeItUp Active Member

    Is this what we have to look forward to?

    "Of course we can't guarantee you'll have a job at all. Plus, once you turn 55 upper management will count the days until you retire so they can hire someone younger and cheaper."

    What a business.
     
    ServeItUp, Mar 21, 2007
    #5
  6. Angola!

    Angola! Guest

    http://www.gosanangelo.com/news/2007/mar/21/standard-times-offered-voluntary-separation-packag/
     
    Angola!, Mar 21, 2007
    #6
  7. slappy4428

    slappy4428 Active Member

    San Angelo, of course, needing to pare costs to stay competitive in its market with... how many papers again?
     
    slappy4428, Mar 22, 2007
    #7
  8. Moderator1

    Moderator1 Moderator Staff Member

    Bruce Hartmann, publisher of the Knoxville News Sentinel, sent a memo to all employees. It reads, in part:

    "Later today we will offer voluntary separation packages to certain employees who have completed 10 years of service with the company and will be 55 years of age as of April 2, 2007. The plan will provide a package of attractive benefits, including voluntary separation pay and a health benefit subsidy.

    Importantly, this is not a layoff; it is a voluntary separation plan. The option to accept or decline the offer is up to each eligible employee."
     
    Moderator1, Mar 22, 2007
    #8
  9. MileHigh

    MileHigh Moderator Staff Member

    That was the line given by the editor/publisher out here, so this appears to be company-wide. Voluntary. Age 55 by April 2. 10 years with the company. Also, it's open to anyone, at least here, unlike the Boston Globe, which limited who could accept the buyout.
     
    MileHigh, Mar 22, 2007
    #9
  10. MGoBlue

    MGoBlue Member

    Playing Devil's Advocate, I hope 13 years down the line when I turn 55, my current paper offers me a buyout. I'm hoping to begin my third career at that age anyway.
     
    MGoBlue, Mar 22, 2007
    #10
  11. villageidiot

    villageidiot Member

    Let's here it, folks.

    For those working for Scripps papers, what's the mood like around your office now that this memo has circulated? Does anybody think actual layoffs are too far away?
     
    villageidiot, Mar 22, 2007
    #11
  12. Sweetness

    Sweetness Member

    It's an OK deal for the folks who get the buyout. It's shitty for those left behind. Our publisher here said most positions won't be filled. That's on top of a reduction of three editorial department seats via hiring freeze.

    We've also cut pages out of the paper whenever possible. Three-four days a week we publish a four-page sports section.

    I'm just waiting for the day corporate takes a stab at producing no newspaper with no employees in hopes of a 20-percent return.
     
    Sweetness, Mar 22, 2007
    #12
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