Yedioth publishing group cutting wages across the board - TheStreet

The Yedioth Ahronoth publishing group is cutting salaries by 4% to 8% across the board, TheMarker has learned.

The group advised its employees of the cuts yesterday. A letter to all workers explained that the temporary wage cut, of unspecified duration, is designed to prevent dismissals.

The publishing group has already taken steps to reduce its expenses. In January people employed under personal contracts had their wages trimmed by 5% to 10%. Overtime was also cut back and certain employees of the group's website, Ynet, had their jobs slashed from full-time to part-time.

No comment could be obtained from the group management.

The Yedioth Ahronoth group employs about 500 unionized employees.

Rival publishing groups Ma'ariv and Ha'aretz have also taken steps to reduce costs, including by staff and wage cuts.