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Journalists at the Financial Times newspaper have called off industrial action that was planned for this week, after accepting an improved pay offer from management, the National Union of Journalists said Wednesday.
FT Managing Editor Lisa MacLeod told staff in a letter that the FT, which is owned by Pearson PLC (PSON.LN), will increase pay by between 2.5% and 3.0%, having previously offered 2.0% to 2.5%. Some staff could get an additional 0.5%, known as merit pay, subject to their performance.
"The offer had been controversial because a third of the money set aside for the year's increase was to be used as merit pay or for staff retention at the managing editor's discretion," the NUJ said in a statement on its website.
MacLeod told staff that the award "recognizes the hard work and vital contribution of our editorial team within the context of an extremely challenging commercial environment," according to the NUJ.
In February, Pearson said it expected to increase sales and profit in 2012 despite a tough market, as investment in its digital businesses helped drive full-year adjusted earnings above guidance, although net profit fell to GBP957 million from GBP1.30 billion a year earlier.
-By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; firstname.lastname@example.org