The Namibian, the country's largest newspaper, will carry out a retrenchment process and renegotiate benefits with employees in a bid to contain costs and streamline the business.
The newspaper's editor, Tangeni Amupadhi, announced to staff this morning that the process will include voluntary retirement for those above 55 and other staff members, as well as benefit cuts for the remaining staff members.
"A lot has changed in news media and for Namibia it's worse as the economy has been in a recession for four years. Revenue down, reserves down, we have been living on overdrafts. If overdrafts were a drug, we would definitely overdose and kill ourselves," he said .
He added that the financial squeeze has also affected the paper's print run and circulation figures.
Amupadhi said the newspaper pages have gone down 17 000 copies from 70 000 during lockdown.
He added: "Our labour costs include basic salaries with benefits. We have been struggling to replace even crucial vacancies. The new structure would mean there would be redundancies. Some jobs could do without certain positions. Offer early retirement for anyone 55 and above, offer voluntary retrenchments, renegotiate benefits and agree to forgo certain things, no 13th cheque."