NJSEA Plans Job Cuts as Revenue Declines
Updated: Sunday, November 12, 2006 2:42 PM
Posted: Friday, November 10, 2006 10:19 AM
Citing "significant decreases" in revenue from both Thoroughbred and Standardbred racing in the last five years, as well as increased health insurance costs, president and chief executive officer George Zoffinger has recommended to the board of the New Jersey Sports and Exposition Authority it reduce its workforce by up to 40 positions.
The NJSEA board on Nov. 8 approved an "Optional Separation Program," which provides incentives for full-time salaried employees to accept voluntary early separation. Separation payments range from 20% of salary for those with three to five years of service and up to 60% of salary for those with more than 15 years of service.
"We have to face these issues head-on and develop a plan that is the least painful to all employees," Zoffinger said.
The NJSEA, which owns and operates Monmouth Park and Meadowlands, is currently preparing Monmouth to host next year's Breeders' Cup World Thoroughbred Championships.
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