INM seeks pay cuts from staff - Media - Independent.ie

"...INM said yesterday it would introduce a new share option scheme for staff in return for pay cuts, pay freezes and a number of other savings measures including a drop in expenses.

The pay cuts and freezes vary and depend on current salary levels. All INM directors and executives will take a 10pc pay cut and no bonuses will be paid for the 2008/2009 period..."

"The new share-buying scheme will be given at the share price on the day of introduction and will be the equivalent of two-and-a-half times each salary reduction, the company said yesterday.

For example, a staff member on €75,000 taking the equivalent of a €3,750 pay cut will be given the option to buy 9,375 shares exercisable between three and 10 years. "

Funny how the Indo sold it - with the share price at 45c someone taking a permanent €3,750 pay cut gets share options worth a whopping €4,218. Curious if the journo's are going to accept the pay cut, not all unions are public sector. C'mon Brendan O'Connor!!!