Guardian editor-in-chief Alan Rusbridger has taken a voluntary 10 per cent pay cut for the 2012-13 financial year which will see his pay drop from £438,900 to £395,010
According to a report on the Guardian website Rusbridger has also asked Guardian Media Group to halve the annual contribution it makes to his pension.
The report states:
His annual pension contribution will be reduced to £75,000, and the total reduction in his salary and pension package will amount to 19% in the next year starting in April.
The editor’s action comes as the newspapers have been engaged in a string of measures to trim costs and raise revenues, including a decision to stop printing overseas, incorporate standalone sections into the main newspaper and raise the cover price during the week to £1.20.
Last year Guardian Media Group reported overall operating losses slightly up year on year to £54.5m (from £53.9m) on turnover down £24.9m to £255.1m for the year to 3 April.
At the national press division Guardian News and Media operating losses increased to £38.3m (from £37.8m in 2011) on turnover which dropped to £198.2m (from £221m in the same period a year before).
It is the second time Rusbridger has volunteered a pay cut. He did the same in 2009, taking his pay that year down to £360,000 (excluding pension benefits).