In addition to the horror of possibly moving to the unfashionable Financial District, Conde Nast employees also learned yesterday that their pensions are being frozen, the New York Post’s Keith Kelly reports.Kelly obtained a memo to employees from Jill Bright, Condé’s head of human resources, which told them:
“The value of the pension benefit that you have accrued as of June 30 will not increase or decrease.”
But they got a consolation prize.
The memo also explained Conde would start upping its contribution to employees’ 401(k) plans:
Under the revised plan, Condé will now pay 66 2/3 cents for every dollar an employee contributes up to 6 per cent of employees’ salaries, up from 25 cents for every dollar.
The changes to the company’s retirement plans come as Condé, a company once known for its extravagance, has effectively skipped pay increases for most employees for the second year in a row
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.