Tag

Salary Cuts

All articles tagged with #salary cuts

business1 month ago•5 min saved

Met Opera Cuts Jobs, Slashes Pay, and Delays New Production Amid Saudi Funding Uncertainty

The Metropolitan Opera announced layoffs of 22 administrative staff and 35 executives earning over $150,000, with 4–15% pay cuts for top earners, and will delay Mussorgsky’s Khovanshchina for the 2026–27 season while reducing next year’s slate to 17 productions. The moves stem from concerns about the Saudi funding arrangement that would subsidize the company’s planned performances in Diriyah; officials also floated selling the theater’s two Chagall murals (valued at about $55 million) and possibly selling naming rights, though murals would stay in the building. Gelb and Nézet-Séguin will take temporary pay reductions, with a plan to restore salaries in 2027. The situation follows ongoing controversy over the Saudi deal and its implications for the Met’s finances.

via OperaWire|

#business #khovanshchina-postponement #layoffs

business1 month ago•1 min saved

Met Opera Restructures With Layoffs and Shortened Season Amid Saudi Funding

Facing ongoing financial strain, the Metropolitan Opera announced layoffs, salary cuts for top executives, and postponement of a new production, while drawing on its endowment and a $200 million Saudi funding deal; the company may also sell its $55 million Chagall murals to stabilize finances.

via The New York Times|

#business #endowment #layoffs

sports2 years ago•1 min saved

"NFL Safeties: Shifting Market Dynamics and Salary Cuts"

NFL teams have cut over $100 million in salaries for safeties this offseason, with several high-profile players being released to improve salary cap situations. The Broncos, Eagles, Seahawks, and Bills are among the teams that have made significant savings by cutting safeties, with cornerback being the position where the most cost-cutting has occurred in the league.

via NBC Sports|

#nfl #roster-cuts #safeties

business2 years ago•2 min saved

Carnival UK Withdraws Fire and Rehire Threat, Nautilus Welcomes Decision

P&O Cruises and Cunard, both part of the Carnival group, have threatened to fire and rehire over 900 UK-based crew members unless they accept salary cuts and more flexible working arrangements. The affected crew, including officers on the Queen Mary 2, face dismissal in early 2024 if they do not agree to changes that could reduce their annual earnings by up to 20%. The move has drawn criticism from the union for maritime professionals, Nautilus International, and calls for the UK government to outlaw the practice of fire and rehire. This situation echoes a similar employment scandal involving P&O Ferries last year.

via The Guardian|

#business #cunard #employment-practices

businessemployment2 years ago•2 min saved

Companies Slash Pay for New Hires Amidst Economic Downturn

As the job market cools, companies are reducing salaries for new hires, with nearly half of employers surveyed saying they are lowering pay for recent job openings. A survey by ZipRecruiter found that 35% of US workers who started a new job in the last quarter took a pay cut. Additionally, signing bonuses were offered less frequently, with only 28% of people receiving them. The average salary for a new hire in August 2023 is $76,774, below the average "reservation wage" that workers said they would accept. The market shift has led to increased competition and reduced salaries for job seekers.

via New York Post |

#businessemployment #job-market #labor-market