NEW YORK — NewsGuild of New York members at Time Inc. have approved a revised settlement offer by a 3-to-1 margin last week, ending a two-year contract dispute with the company.
The NewsGuild represents approximately 200 print editorial employees at Time, Fortune, Money, Sports Illustrated and People.
Guild-covered employees, who work for Time, Sports Illustrated, People, Fortune and Money, will receive raises totaling 14 percent over the term of the contract, which ends March 31, 2019, a year longer than Time Inc. offered in June. Additionally, all bargaining unit employees will receive a $2,500 signing bonus.
The contract also strengthens certain job protections. It also entitles employees who are laid off in certain cases – such as subcontracting, out-of-seniority layoffs or layoffs conducted without first seeking volunteers – to receive an extra week of severance pay for each year of service.
“We are very pleased that the Guild members have ratified this contract, which we believe to be in the best interest of all Time Inc. stakeholders. The contract provides Time Inc. with the operational flexibility necessary to succeed in today’s transformative media environment,” said Greg Giangrande, Time Inc.’s EVP and Chief Human Resources Officer.
Guild members had been working without a contract since it expired on August 2014. Members overwhelmingly rejected a company offer in June, prior to a National Labor Relations Board administrative ruling that favored the company. The Guild brought the case when Time Inc. declared impasse and imposed work rules nearly two years ago. As part of the settlement, the Guild is dropping its appeal of the ruling.