All articles tagged with #salary cuts
On his 71st birthday, Pope Leo XIV issued decrees reversing the Vatican's 2021 salary cuts for many staff and canceling Francis' plan to relocate the Vatican archives, opting instead to create new on-site space within Vatican City; the pope visited the Vatican Library to inaugurate a water-themed exhibition and mark the occasion.
The Metropolitan Opera announced layoffs of 22 administrative staff and 35 executives earning over $150,000, with 4–15% pay cuts for top earners, and will delay Mussorgsky’s Khovanshchina for the 2026–27 season while reducing next year’s slate to 17 productions. The moves stem from concerns about the Saudi funding arrangement that would subsidize the company’s planned performances in Diriyah; officials also floated selling the theater’s two Chagall murals (valued at about $55 million) and possibly selling naming rights, though murals would stay in the building. Gelb and Nézet-Séguin will take temporary pay reductions, with a plan to restore salaries in 2027. The situation follows ongoing controversy over the Saudi deal and its implications for the Met’s finances.
Facing ongoing financial strain, the Metropolitan Opera announced layoffs, salary cuts for top executives, and postponement of a new production, while drawing on its endowment and a $200 million Saudi funding deal; the company may also sell its $55 million Chagall murals to stabilize finances.
NFL teams have cut over $100 million in salaries for safeties this offseason, with several high-profile players being released to improve salary cap situations. The Broncos, Eagles, Seahawks, and Bills are among the teams that have made significant savings by cutting safeties, with cornerback being the position where the most cost-cutting has occurred in the league.
P&O Cruises and Cunard, both part of the Carnival group, have threatened to fire and rehire over 900 UK-based crew members unless they accept salary cuts and more flexible working arrangements. The affected crew, including officers on the Queen Mary 2, face dismissal in early 2024 if they do not agree to changes that could reduce their annual earnings by up to 20%. The move has drawn criticism from the union for maritime professionals, Nautilus International, and calls for the UK government to outlaw the practice of fire and rehire. This situation echoes a similar employment scandal involving P&O Ferries last year.
As the job market cools, companies are reducing salaries for new hires, with nearly half of employers surveyed saying they are lowering pay for recent job openings. A survey by ZipRecruiter found that 35% of US workers who started a new job in the last quarter took a pay cut. Additionally, signing bonuses were offered less frequently, with only 28% of people receiving them. The average salary for a new hire in August 2023 is $76,774, below the average "reservation wage" that workers said they would accept. The market shift has led to increased competition and reduced salaries for job seekers.