Yearlong pay freeze at Financial Times melts
Posted by Lisette García on November 20, 2009 at 9:12 AM
The Financial Times will lift a year-long ban on raises and also increase its minimum wage for entry-level journalists in the new year, The Guardian reported yesterday.
FT Managing Editor Dan Bogler was quoted by The Guardian as saying that instituting the modest increase of 2 percent "balances a decent reward for everyone's efforts with a need to be careful about how far we increase our fixed costs."
FT Managing Editor Dan Bogler was quoted by The Guardian as saying that instituting the modest increase of 2 percent "balances a decent reward for everyone's efforts with a need to be careful about how far we increase our fixed costs."
The announcement comes a month after FT's parent, Pearson, revealed expectations that the worst of the recent economic crisis was over.
"In FT Publishing, the Financial Times continued to face a weak market for financial and corporate advertising in the third quarter, but it is benefiting from its long-term strategy of earning premium revenues from users for valued content in print and online," CEO Marjorie Scardino was quoted as saying by Fitz & Jen in October.
In 2007, FT instituted a firewall around its online edition, which boasts a paying base of more than 121,000 subscribers. Paid online subscriptions are up 22 percent from last year.
"In FT Publishing, the Financial Times continued to face a weak market for financial and corporate advertising in the third quarter, but it is benefiting from its long-term strategy of earning premium revenues from users for valued content in print and online," CEO Marjorie Scardino was quoted as saying by Fitz & Jen in October.
In 2007, FT instituted a firewall around its online edition, which boasts a paying base of more than 121,000 subscribers. Paid online subscriptions are up 22 percent from last year.
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