After turning down an earlier offer, the Boston Globe's largest union voted overwhelmingly Monday to approve a new contract that would give the financially struggling newspaper $10 million in concessions. The newspaper's parent, The New York Times Co., had imposed a 23 percent wage cut after the union rejected a contract that called for an 8.3% wage cut, unpaid furloughs, benefit cuts and the elimination of lifetime job guarantees for nearly 200 staffers.
The new contract slashes salaries by nearly 6%. It also includes unpaid furloughs, a pension freeze, a reduction in health-care benefits and the elimination of lifetime job guarantees. The Globe is projected to lose $85m. this year.