BDFM, the Johannesburg-based newspaper group, is pondering workforce cuts, it was reported on Tuesday.

BDFM, which is 50 percent owned by Pearson Group that publishes The Financial Times, is the publisher of the weekly Financial Mail magazine and Business Day and its Nigerian version. BDFM is an acronym for Business Day and Financial Mail.

BDFM said in spite of all efforts to shrink costs the company remained in a very tight trading position and found itself having to reduce expenses further amid imminent losses of revenue.

BDFM said economic trading conditions continued to tighten, revenue and advertising volumes were dropping and expenses are being tightly managed.

Sources said a memorandum to employees offered voluntary retrenchment packages to all staff, but reserved the right to retain staff with essential skills.

The deadline for applications is December 7 this year and the date of termination will be December 31.

Workers aged 55 and older could opt for early retirement and would retain their benefits.