La Presse reduces staff salaries
By Adnews Staff
Montreal-based newspaper La Presse as announced that it will reduce the salaries of all its employees by 10% as a result of the COVID-19 pandemic. The cut will be applied to unionized staff, managers and executives. The company will also temporarily reduce contributions to its pension fund. According to La Presse, the cuts are a result of reduced income due to a slowdown in the advertising market.
“This extraordinary situation is forcing us to take exceptional measures to ensure La Presse's continuity,” said company president Pierre-Elliott Levasseur. “The state of the media is especially challenging at this time. Advertising revenues are practically non-existent, but the media must respond to even greater news coverage requirements than in normal times and intensify their efforts to provide the public with an essential service.”