Yahoo Finance FT’s US journalists demand minimum starting salary of $80,000
Journalists at the Financial Times are demanding a minimum starting salary of $80,000 (£63,000) in a dispute over pay.
The newspaper’s American union is locked in discussions with bosses amid concerns that current wages are not “anywhere close” to livable.
Under current plans, the FT’s US-based staff have been offered a minimum wage of $60,000.
But the US guild has called for this figure to be increased by a third, pointing to the importance of retaining journalists, especially at entry level. It added that the annual median rent in New York City is $39,600.
Robert Armstrong, the newspaper’s US financial commentator, said: “The right career move for the average FT journalist – that is to say, a good journalist – is to leave.”
In a tweet, the union added: “We’ve been hearing glowing reports about how well the FT is doing financially.
“And based on our CEO’s salary, the FT can afford to pay a living wage to the people who produce this award-winning – and lucrative – journalism.”
We’ve been hearing glowing reports about how well the FT is doing financially. And based on our CEO’s salary, the FT can afford to pay a living wage to the people who produce this award-winning — and lucrative — journalism. pic.twitter.com/YX7hQDrdNh
— FT US Guild (@FTUSGuild) December 15, 2023
The FT, which is owned by Japanese media giant Nikkei and employs 2,700 worldwide, last year handed a one-off cost of living bonus of £1,800 to all staff.
It also used a higher inflationary benchmark to increase salaries compared to previous years.
Nevertheless, the newspaper has previously come under scrutiny for high pay packets handed to its top executives.
John Ridding, the chief executive, was forced to return a chunk of his £2.6m salary in 2018 after a group of journalists at the title complained about his pay.
The latest accounts for the FT show the highest-paid director took home just under £1.8m in 2022.
The FT’s US guild was formed in January last year with the aim of campaigning for “fair and transparent” pay, as well as racial and gender equality and sufficient staffing levels.
The union argues that the US is a key growth area for the publication, adding that its operations in the country “regularly punch above our weight”.
The US accounts for 30pc of the FT’s global readership, even though its newsroom has just 11pc of the company’s 700-strong team of journalists, according to the guild.
The City broadsheet posted a 5pc rise in revenues last year to £458m, but operating profits fell 7pc to £29m due to the higher staff costs.
Paid digital subscriptions reached just under 1.1 million, while revenues from the group’s live division jumped by almost a third thanks to events such as the Business of Football Summit and the FT Weekend Festival.
However, the FT said it was considering scrapping its print newspaper in some countries amid a decline in its traditional readership.
Bosses said the company was considering whether to maintain its print edition in various locations amid a “volatile and fragile” market.
