Staff will get a 3 per cent increase for 2011 and a performance-related bonus in March expected to be in excess of £1,000 each. The pay increase will apply to staff who have already received pay rises over the course of year unless stated otherwise.
The raise is 0.5 per cent larger than the 2.5 per cent rise being introduced by parent company Pearson in 2011, Lisa MacLeod, managing editor of the FT, told staff.
The performance-related bonus was negotiated by the National Union of Journalists (NUJ) in 2008, but was linked to "clean profit above targets" so has not yet been paid.
"[S]enior management has agreed that the bonus will be paid this year for the first time and it reflects the strong performance of the business and the excellent contribution of the editorial department. We will not have the final figure until the accounts are closed at year-end, but we expect that each individual will receive in excess of £1,000," says MacLeod in an email to staff.
"This bonus is in recognition of the exceptional effort put in by you all over the past year. While it is not consolidated, it nevertheless fulfils the backward-looking element of the pay round."
The FT has also completed the introduction of a new £40,000 minimum starting wage this year and lifted existing staff salaries to reach than level. More than a third of staff have benefited from salary rises in the past year, MacLeod says.
In a separate announcement, FT CEO John Ridding said today that staff will also be offered a £300 subsidy to buy a personal iPad or other tablet.
In an email to staff, Ridding says the scheme is to encourage staff to be expert and experienced in using such devices given the rapid growth in readership on these platforms. The offer will run from today until 30 June 2011.
"The FT is making this investment because digital channels and tablet devices are becoming increasingly important for us and the media industry in general, and as recognition of your contribution to our strong performance this year," says Ridding in the email.
"We need to fully understand their potential and share the user experience to better understand our customers and the developments and innovations taking place in the market. Tablet devices will also facilitate working while travelling, which is an increasing feature of our global organisation."
As part of the initiative staff will also be offered a series of masterclasses and workshops on using the devices. The FT launched its iPad app in May and last month launched an app for the new Samsung Galaxy Tab.
Photo by Dirk Valentine on Wikimedia. Some rights reserved