Financial Times asks all staff to take extra holiday - Press Gazette

Financial Times asks all staff to take extra holiday

The Financial Times has defended its decision to offer all staff the opportunity to take an extra week’s holiday this summer at 30 per cent of their usual pay.

The FT said the scheme had been well received by those employees who had taken up the offer which, according to The Times, includes FT editor Lionel Barber.

A spokesperson for the FT told Press Gazette: “Like many news organisations the FT is keen to continue to manage its costs to further bolster our confidence given the short-term and uncertain market trends.”

The spokesperson suggested that the benefits of the scheme were not purely financial, adding: “In addition to helping manage costs, the scheme is consistent with our HR policies of improving work/life balance.”

In a trading update last month, parent company Pearson said it expected to grow subscription and digital revenues at FT Group despite the downturn.

It said that it expected full-year profits for the group as a whole to either match or beat last year.

For 2009, FT Group has frozen the salary of all those earning more than £30,000.

Earlier this year the FT cut 80 staff – including 20 journalists – in a cost-cutting drive.

In April the FT raised its Monday to Friday cover price from £1.80 to £2.