Buyout Update
The Guild met with the company Friday afternoon to discuss a potential buyout. There is a question of if it will be offered in all departments or limited to Advertising and Marketing. The company had said initially it was to be companywide and the Guild is insisting on this.
The proposal follows previous buyouts:
- Minimum of 12 weeks pay with max of 62 weeks of pay. To be paid based on any differentials employee normally receives and a 52-week average of commissions beginning June 1, 2020. The Guild proposed using the highest week’s pay per contract for severance. Both sides will review and discuss.
- Last day of work will be July 17 with a $2,500 bonus. Can be extended with publisher’s approval. We proposed a stepped bonus based on years of service — for example up to 10 years $2,500; 11 to 20 years, $5,000 and over 20 years $10,000.
- Employees will receive health insurance and the company will pay the employee’s share of the premium. This is something we were able to get into buyout agreements for the first time last year.
- Continued eligible for vested pension rights and employee receives all accrued benefits for vacation, etc. But not the 5 days of COVID-19 leave.
- Usual language on unemployment.
- Employees must sign a general release.
The Guild is reviewing the company proposal.
The next negotiating meeting is Wednesday, June 16.
Any agreement is subject to Executive Board vote and membership ratification.