We were just forwarded an internal announcement that Random House is freezing all pensions at their current levels and will not give pensions to new employees hired as of January 1, and now the news is the subject of an AP story as well. The article notes that “the company will continue to offer matching funds, up to 6 percent, for 401k plans.”
In another Random House bulletin, their Canadian division has declined to exhibit at the next Book Expo Canada. President and CEO
Brad Martin said in an e-mail they “feel the show is no longer effective in helping us promote and sell
books together. The selling of the fall list, and many of the
promotional conversations we have with you, will be mostly completed
before this show even occurs.”
Quill and Quire
On the brighter side, Hachette Book Group employees just received news of an additional Thanksgiving bonus payment of one week’s salary for all employees hired prior to September 1. The reward celebrates a “spectacular year.” That extra money is in addition to the company’s regular year-end bonus pool.