Waterbury (Conn.) Hospital is temporarily cutting the wages of most workers to save money, according to a Republican-American report.
Here are four things to know about the pay cuts.
1. Waterbury Hospital President and CEO Darlene Stromstad told the Republican-American the cuts are necessary to keep an acquisition by Prospect Medical Holdings, a for-profit hospital operator based in Los Angeles, on course.
2. The hospital is cutting the wages to its union and non-union workers by 5 percent, managers by 7 percent and senior management and employed physicians by 10 percent.
3. The cuts overall are expected to save about $6 million.
4. The cuts aren't permanent, but rather a short-term solution. The hospital intends to restore wages to previous levels once the PMH acquisition closes, and emergency funds will be available for employees in the interim, according to Mr. Stromstad.
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