Spain's top daily El Pais chops one-third of staff
October 10, 2012, 12:30 am TWN
MADRID--Spain's leading daily El Pais is axing one-third of its staff and slashing salaries as it battles a growing media crisis, employees said Tuesday.
El Pais, part of the Prisa media group, announced there would be 128 layoffs and 21 early retirements, bringing the total cut to 149, a staff works committee statement said.
All staff are to take a 15-percent pay cut, it said, describing the plan as "mean." Those laid off will get 20 days' pay for each year worked up, going back a maximum of 12 years.
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