Time Inc. CEO Joe Ripp told employees he was going to slice the corporate match on contributions to the 401(k) plan from 7 percent, to 5 percent, starting Jan. 1.
“A nice holiday present from Mr. Joe,” complained one insider. “Is this the beginning of being Ripped off?”
Others worry that more drastic cuts — and staff firings — are ahead next year as the company slims down for its spinoff from Time Warner in the second quarter of 2014.
Time Inc. is holding its quarterly management meeting in New York on Dec. 9, and the buzz inside the building is that Ripp will tell executives and managers that he aims to cut $125 million in costs from the budget next year.
“I don’t think there is any way you can make that kind of cut without laying people off,” said one insider.
A spokeswoman for Ripp declined to comment on the management meeting agenda, but confirmed the 401(k) cuts.