By: (AP)
The New York Times and its largest union, the Newspaper Guild of New York, have reached a tentative agreement on a new eight-year contract.
The weekly base pay for correspondents would rise from $1,589.57 to $1,955.54 over the life of the contract, which will be put to a ratification vote in early October. The first annual raise would be retroactive to March 31.
The Guild represents 1,500 employees, including reporters, copy editors, advertising and classified salespeople, and cafeteria workers.
The agreement, reached Tuesday, calls for annual average raises of 2.6% over the term of the contract. Unlike the previous contract, the new agreement does not include a no-layoff guarantee for current employees.
Guild President Barry Lipton said the new pact would provide "job security and salary protection for the vast majority of our membership in the event of layoffs."
Times spokeswoman Catherine Mathis called the contract "fair and flexible."
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