Financial Times NUJ

Financial Times journalists accept new pay deal


By The Drum Team, Editorial

March 21, 2012 | 2 min read

Journalists at the Financial Times have agreed to a new pay offer, in which 0.5% will be added to the 2%-2.5% awarded earlier.

Lisa MacLeod, Financial Times managing editor, said that the offer follows a review of the editorial budget.

She said: "This 0.5% will be consolidated into salaries from July 1 to year-end and is in addition to the award of between 2 and 2.5% made to all FT editorial staff in January."

Fiona Swarbrick, NUJ national organiser, said: "This dispute has been a long and difficult one for our members at the FT, and we are delighted that it has been brought to a successful conclusion. As well as welcoming the company's decision to improve the pay award, the chapel is particularly encouraged by management's commitment to greater transparency and a more constructive approach to future negotiations. We share that commitment and are keen to move forward positively."

A letter from the NUJ chapel said: "Following negotiations with the NUJ, management has agreed to raise this year's pay award by 0.5 per cent across the board, starting from July 1. During final negotiations we were also pleased to learn that the profit-related bonus, negotiated with the NUJ three years ago, will be £394 this year, to pay out at the end of this month.

"The FT NUJ chapel voted unanimously to welcome the decision to redistribute this year's pay award more equitably. We welcome management's commitment to discuss with the NUJ the lessons of the pay dispute and to revise and complete the draft house agreement accordingly. We urge management to convince us by its actions that it is serious about avoiding similar disputes in future.

"NUJ members welcome Lionel Barber's offer of talks on improving the transparency and substance of future pay negotiations. In that spirit, we propose to start such a process with a meeting between NUJ officers and the editor, the new managing editor and other senior managers. We welcome management's commitment to collective bargaining, and look forward in a spirit of good faith to renewing negotiations over the many issues and challenges facing the FT."

Financial Times NUJ

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