BuzzFeed is cutting pay for its employees as the company attempts to weather the coronavirus pandemic.
In an internal memo on Wednesday, the company announced a graduated salary reduction for the majority of employees for the months of April and May, adding that company brass would meet with the news union to ratify the cuts.
Staffers in the lowest bracket—which includes anyone making under $65,000 annually—would experience a five-percent reduction, while those making between $65,000-$90,000 would experience a seven-percent cut. Other staff would take nearly a 10-percent pay cut, while executives would take between 14-to-25-percent in pay reduction.
CEO Jonah Peretti confirmed in a note to staff that “I will not be taking a salary until we are on the other side of this crisis.”
Peretti added in the memo that the company was attempting to stave off layoffs by implementing the salary cut, limiting hiring and travel, and reducing real estate costs.