San Francisco Chronicle safe for now

The San Francisco Chronicle and the paper’s largest union announced Monday that they had come to a formal understanding on contract concessions which were necessary to avoid the paper’s closure.

Parent company Hearst told employees February 24 that cuts must be made, or else.

The California Media workers Guild will vote Thursday to confirm their acceptance. New contract terms include the the ability for management to dismiss employees regardless of ranking, the guarantee that all members of staff to lose their jobs, or those who accept voluntary redundancies, will be offered two weeks’ severance pay per year of service up to a maximum of one year, as well as continued health-care cover, even in the event that the paper should eventually fall into administration.

Although not confirmed, some reports are suggesting that up to half of all editorial staff could be cut as well.