WASHINGTON, Mar. 14 – EFE News Services introduced a new wage cut proposal on Thursday that softened its earlier demand for payroll savings of 15 percent.

EFE proposed a tiered approach to wage reductions. Under its proposal, Employees earning in excess of $60,000 would see a nine percent reduction. Employees earning less than $60,000 but more than $45,000 would see a an eight percent wage cut. Employees earning $45,000 or less would see no wage reduction.

EFE General Manager Ignacio Sanz said the goal of the company’s proposal was to reduce costs by $124,000 annually. He described the news agency’s financial condition as critical and said that EFE, a state-owned company based in Madrid, was under orders from the Spanish government to meet the conditions of a solvency plan. Continue reading →