Financial Times journalists continue pay stir

The stand-off between the management and journalists of London's Financial Times, the globally reputed business publication, continued today after the National Union of Journalists (NUJ) voted on Thursday to escalate their action over a pay dispute following a breakdown of talks with management.

Earlier, journalists at Financial Times (owned by Pearson Plc) resorted to a two-hour 'pens down' strike on Tuesday and passed a vote of no confidence in management after talks broke down, the newspaper as well as the NUJ said.

The pay rise proposed by the FT management comprises a raise of 2-2.5 per cent for all editorial staff with an extra 1 per cent merit-based bonus.

The NUJ says that Pearson chief executive Marjorie Scardino's claims that the package applies across the board is false, as the 1 per cent bonus is only payable on merit and therefore discretionary, leaving out large sections.

"Scardino described the pay offer as 3.5 per cent. But the deal will give most staff only 2 per cent, with a third of the money set aside for this year's increase to be used as merit pay or for staff retention at the managing editor's discretion," NUJ said.

At Tuesday's meeting, the 250 FT journalists who are NUJ members voted to walk out again next Thursday (22 March) for a three-hour mandatory meeting unless management submits to binding arbitration by the Advisory, Conciliation and Arbitration Service, or ACAS, a government body to settle employment disputes.