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EFE: Ten percent wage cut for two years

WASHINGTON – EFE News Services proposed broader and deeper wage cuts for its U.S. workers on Tuesday as the Madrid-based news agency faces continuing financial problems.

As talks began a year ago, EFE proposed a five percent wage cut for certain senior employees, a decrease in medical costs of 15%, and a 25% cut in 401(k) contributions – all taking effect on Jan. 1, 2012.

Workers have already endured a four-year-long wage freeze.

On Tuesday, the employer said it was proposing a continued wage freeze for 2012, and an across-the-board wage cut of ten percent starting Jan. 1, 2013. Wages would remain cut through the proposed life of the contract, which would expire Dec. 31, 2014.

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