Those expecting immediate layoffs at The Washington Post and other newspapers recently acquired by Amazon founder and CEO Jeff Bezos can rest assured.
As part of the purchasing conditions, Bezos agreed not to cut the salaries or bonus opportunities of any employee over the next year. In addition, Bezos has pledged to maintain current welfare and severance benefits.
Below is an excerpt from the 8-K filing, as first noted by Business Insider .
(viii) The Purchaser shall maintain for a period of one year following the Closing, (A) base salaries that are no less favorable for each Post Employee than those in effect as of the Closing, (B) for 2014, annual bonus opportunities that are comparable for each Post Employee to those in effect under the 2013 Bonus Arrangements, (C) severance benefits that are no less favorable for each Post Employee than those in effect as of the Closing under the Seller’s generally applicable severance policy as disclosed to the Purchaser, (D) welfare benefits (excluding severance) that are no less favorable in the aggregate than those in effect as of the Closing for Post Employees considered as a group, and (E) the Post Pension Plan and the Post SERP benefits at the level in effect as of the Closing, in each case excluding Post Employees covered by any Collective Bargaining Agreement. Read more...
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