Business Post to cut pay as Covid-19 hits revenue

The owner of the Business Post newspaper plans to introduce temporary pay cuts for staff, ranging between 5% and 15% depending on salary.

The Business Post Media Group said the move was required as a result of the drop in advertising revenue experienced since the start of the Covid-19 outbreak.

However it said circulation and digital sales had continued to perform well and it planned to continue to operate the publication as normal.

It said the highest rate of cuts will be made on employees with the largest salaries, with the cuts remaining in place until at least 30 June.

The group said that would be "reviewed as circumstances evolve".

Advertising revenue has fallen across the media sector since the start of the pandemic, with a number of organisations announcing cuts as a result.

Last week Journal Media, which runs online news sites including Journal.ie, announced pay cuts of between 5% and 20% as a result of the Covid-19 crisis.

It also closed its business site and scaled back its sports website.

On Monday Independent News and Media announced temporary lay-offs, reduced hours and pay cuts as part of its response to falling advertising revenues.