Published On: Wed, Mar 21st, 2012

Financial Times Journalists Agree to Improved Pay Offer

Journalists at the Financial Times newspaper have called off a job action planned for this week, after accepting an improved pay offer from management.

The National Union of Journalists reported Wednesday that in a letter to staff, Lisa MacLeod, managing editor, said the company would pay a further 0.5 percent in addition to the previous award of 2-2.5 per cent. The overall paybill will still be 3.5 percent. The letter from the NUJ chapel also said: “Following negotiations with the NUJ, management has agreed to raise this year’s pay award by 0.5 percent across the board, starting from July 1.”

The offer had been controversial because a third of the money set aside for the year’s increase was to be used as merit pay or for staff retention at the managing editor’s discretion. She said the award “recognizes the hard work and vital contribution of our editorial team within the context of an extremely challenging commercial environment”.

Fiona Swarbrick, NUJ national organizer, said: “This dispute has been a long and difficult one for our members at the FT, and we are delighted that it has been brought to a successful conclusion. As well as welcoming the company’s decision to improve the pay award, the chapel is particularly encouraged by management’s commitment to greater transparency and a more constructive approach to future negotiations. We share that commitment and are keen to move forward positively.”

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