Associated Press buys out veteran staff

Word that the Associated Press is offering buyouts got out Monday. The buyouts were offered three weeks ago with little publicity. The News Media Guild said the move was part of AP's attempt to reduce its labor costs by 10 percent.
The news organization is offering $500 for each year of service and pension benefits increased 14 to 16 percent.
The offers target hundreds of veteran staff. Employees who take the buyout must be at least 55 years of age, have worked at the AP at least 10 years, and their age and years of service must total up to 75.
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