Musicians of the New York Philharmonic have agreed to a 25 percent reduction in their base salaries under a four-year contract that will see their pay gradually increase but not return to pre-pandemic levels by 2024, saving the financially stressed orchestra about $20 million.
The philharmonic, which has not performed since March and has canceled its 2020-21 season, currently projects revenue losses of more than $30 million. “[E]ven when live performances resume, the box office is not expected to bounce back quickly,” The New York Times’ Julia Jacobs reports:
Letter V 