DENVER (AP) – Colorado Symphony musicians have voted to accept a pay cut.
The Denver Musicians Union said Friday that musicians agreed to a 5 percent reduction in base pay for 2011-2012 plus two weeks of furloughs. The symphony says that will mean $530,000 in savings for the orchestra.
The Denver Post reports musicians voted to accept what amounts to a 14 percent cut in pay.
The Post reports the vote modifies a labor contract the musicians ratified in April that continued base pay at about $41,000 this season.
Two years ago, musicians agreed to furloughs and salary reductions that amounted to a 24 percent overall drop in pay.
The symphony says it has a cash shortfall of about $1.2 million from the fiscal year that ended June 30.
(Copyright 2011 by The Associated Press. All Rights Reserved.)