On the go: The Financial Times has reduced its level of pension contributions for staff, as part of a range of measures designed to cut costs in reaction to the coronavirus pandemic.
The newspaper publishing group, which counts Pensions Expert amongst its specialist titles, will evenly match employer contributions, reduced from the previous double-matching arrangement, until January 2021.
The move, which will take effect from May 1, comes alongside cuts to pay for senior managers and the furloughing of a small number of non-editorial staff.
In a note to staff, chief executive John Ridding explained that while record readership numbers are driving strong digital subscription revenues, faltering advertising, print sales and events revenue have led the business to consider short-term cost savings that can be reversed once the UK’s economy restarts.
“We’ve always moved quickly as a business to meet major challenges. In this case, deploying temporary but substantial protection measures will give us maximum scope to weather this storm and come out fighting on the other side,” Mr Ridding said. He added that the FT’s choice of measures, which include a 30 per cent reduction to his own salary, has been driven by a desire to “protect jobs and bring the whole team through this crisis as one”, amid rising unemployment and a practically frozen labour market.
“Second, we want to protect the strategic pillars of the business that are strong and successful so we can return to growth quickly when the time comes and sustain our mission,” Mr Ridding said.
