Daily newspaper Yedioth Ahronoth is taking cost cutting measures, including pay cuts and elimination of overtime pay, TheMarker has learned.

The newspaper also decided to cut overtime pay for workers on a collective contract. The newspaper also decided to reduce the positions of the workers on its Ynet website from full time to part time (50%).

Estimates are the management is considering lowering the pay of workers on personal contracts by 5%. A top Yedioth executive estimates the cost cutting measures will save the company tens of millions of shekels.

Yedioth Ahronoth CEO Yaakov Kfir refused to comment on the news.

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Revenues on advertising at all newspapers shrank sharply this year. The total spent on advertising in newspapers in 2001 was down to $1.246 billion from $1.313 billion in 2000. All three leading newspapers took cost cutting measures that included layoffs and pay cuts in top executives pay.