Salary Cuts, Furloughs and More at 'Forbes'

After a sleepless night, Forbes employees -- those who didn't get laid off, that is -- got the rest of the bad news today: a week-long unpaid furlough, a 10 percent marginal cut in salaries over $100,000 and a suspension of 401(k) matching contributions.

Here's the statement from Forbes PR:

April 1, 2009

Forbes confirmed today that people were laid off across all areas of the company. In making the announcement, Steve Forbes, Chairman and CEO, told employees:

"This is a very painful message. It is no secret that the economy is in a deep contraction and the media business in particular has been especially hard hit. While doing better than our peers, our business has
been adversely affected."

"This has to do with both the unprecedented environment we find ourselves in today and the need for ongoing reorganization of the company in response to the enormous technological changes affecting
media."

At the end of the internal memo he said, "These are serious and unfortunate steps, but we believe they are necessary and sadly unavoidable."(*)

Other measures to be taken include: suspending 401K matching contribution; salary reductions for anyone making over $100,000, amounting to 10% of the increment over $100,000. Also, employees will
have a week long furlough with no pay.

AllThingsD has the full internal memo.