Last night, The Boston Globe's largest union, the Boston Newspaper Guild, finally reached a tentative agreement with the paper's owner, the New York Times Co, giving the company the $10 million in cost savings it has been seeking for months.

According to guild president Dan Totten, the new agreement "includes a 5.94 percent salary reduction, modifications to contract language on job security and other concessions." This means that, if this deal is ratified, lifetime job guarantees for about 170 veteran guild employees will be eliminated and the pension plan will be frozen, the Globe said in an article today.

The union also "negotiated steps to help limit the financial hardship imposed on guild members from the temporary implementation of a 23 percent pay cut," Totten added. This could include a lump sum for employees to replace lost wages from the implementation of the 23 percent cut last week to the ratification date of the new deal, The New York Times reported today.

The guild's membership will vote on the agreement on July 20, but the union scheduled a meeting for today in order to explain the details to the membership.

Although the salary reduction negotiated by the guild is almost 6 percent, the agreement also includes a required five-day unpaid furlough, bringing the total pay cut for members to almost 8 percent. The Times Co.'s original offer, which was rejected by the guild membership earlier this month, included 10 percent pay cuts.

Earlier: Boston Globe Saga Continues: Another Meeting Set For Today