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No pay raise for Thomson Reuters' 'top earners'
Wednesday 23 January 2013
Many Thomson Reuters staff will receive no pay raise this year. All employees who earn more than $100,000 a year will get no increase, a human resources memo said on Tuesday. They will still be eligible for bonuses, however. The decision follows company-wide layoffs last week.
The memo from Sara Birmingham, global head of human resources, was obtained by US website Talking Biz News run by the University of North Carolina’s School of Journalism and Mass Communication.
It said: “Recently, [editor-in-chief] Steve Adler and the other members of the Thomson Reuters Executive Committee and Executive Leadership Teams made many difficult choices aimed at lowering our expenses. The decision about 2013 salary increases was one of the most difficult. Steve and the other senior leaders across Thomson Reuters felt that our company’s top earners are in a better position than our lower salaried earners to weather this type of decision. We are fully intent on getting back to a cost base that will allow us to reward people better in the future.”
The memo did not say how many people are affected by the decision. ■
- SOURCE
- Talking Biz News
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