The Boston Globe might not shut down after all. The paper’s unions reached a tentative agreement early this morning, which calls for an 8.3% wage cut, a 5 day unpaid furlough, a freeze in pension contributions, an end to 401(k) matches and the elimination of lifetime job guarantees, which almost 200 guild members currently have. The measures translate to a roughly 10% wage cut. The Globe was seeking a $20 million cost reduction.
According to an article in the Globe, the proposal is being described as “the company’s last offer.” It will be presented to guild members for a vote tomorrow.