CP to cut 25 jobs

In an effort to trim costs, the Canadian Press is cutting cutting 25 jobs, The Globe and Mail reports.

The national wire service is being restructured and along with the 25 lost jobs is a plan to suspend pension contributions for 2009-2011, which the organization has received federal permission to do.

According to the Globe report, the 25 jobs represents eight per cent of CP’s workforce. CP will first offer staff buyouts and then any necessary layoffs will follow.