Quincy, MA - Representatives of the Boston Globe’s largest employee’s union and owner The New York Times Company this week announced an agreement on a new contract that calls for significant cuts in wages and benefits for reporters and others but are less severe than the givebacks included in a proposed contract voted down by union members earlier this month.

Instead of an 8.4% cut in wages, the new contract seeks a 5.9% reduction in salaries. The agreement again eliminates lifetime job guarantees for some veteran employees and makes up the difference in the wage cuts by reducing vacation pay and health insurance benefits for future retirees, according to an article on Boston.com.

Dan Totten, President of the Boston Newspaper Guild, in a press release said that the proposed agreement would “achieve $10 million in cost savings through a variety of pay and benefit reductions... In addition, the Boston Newspaper Guild has negotiated steps to help limit the financial hardship imposed on Guild members from the temporary implementation of a 23 percent pay cut.”

Members of the Guild are scheduled to vote on this version of the contract on July 20.

This article is a news brief.