To combat the economic downturn St. Joseph Media has implemented a four-day work week for the months of July and August, which amounts to a 5% employee pay cut between April and October.
A staff memo from company president Douglas Knight said:
“As we announced this morning, in an effort to protect as many jobs as possible through these tough times, sharing the pain across the entire company, we are implementing a four-day work week through the months of July and August. The good news is that you will be able to enjoy 7 extra days off during the summer months, the painful news is that these days off will be unpaid.
In addition, we are holding in reserve the possibility that we will extend this programme to include three more unpaid days off between Christmas and New Year’s. We will make that decision at the end of September as we see how the year is unfolding.
To minimize the impact of these unpaid days, we are spreading the salary reduction over every pay period starting with our first deposit in April. This will mean a 5% reduction in each pay period until the end of September. For someone earning $40,000 per year this will mean a reduction in take home pay, after all deductions, of approximately $26 per week or $52 per pay period.
If we decide at the end of September we need to extend this programme through to the end of the year and add the extra days off between Christmas and New Year’s, your take home pay will stay at this level until the end of December. If we decide we do not need to extend the programme, your salary will increase back to your normal level starting in October.
Our books may be thinner, but they have not lost weight. Many many thanks for your energy and commitment through these challenging times.”
Employees will take their first unpaid Friday off on July 10.