The Philadelphia 76ers have instituted a temporary salary reduction of up to 20 percent for at-will employees making more than $50,000 starting on April 15th through the end of June. The 76ers are owned by Harris Blitzer Sports & Entertainment, which also owns the New Jersey Devils of the NHL. Employees of the Devils are also being required to take a pay reduction.
The decision was made to avoid layoffs. The employees will not have a reduction in health or 401K benefits.
Employees on contracts, such as members of the coaching staff and front office, have also been asked to participate in the program but cannot be forced to do so.
The 76ers are instituting the measure in hopes of avoiding layoffs.
Elton Brand has agreed to participate in the program, which is also being applied to the Devils.