"On the basis of what we know today, we will need to reduce our cost base by about one-third over the next nine months, which translates into approximately €3.5 million in monetary terms," said Äripäev CEO Igor Rõtov in a statement to employees, ERR's online news in Estonian reports.

Rõtov said the paper was also considering reducing publication frequency of the paper to concentrate more on its online portal.

"We are also constantly considering reducing the frequency of Äripäev's publication, to direct even more editorial power to the website, which is becoming the dominant channel for readers," Rõtov said.

Meelis Mandel, editor-in-chief of Äripäev, said that during the previous crisis of 2008-2010, the paper cut altogether a third of its editorial staff, adding that the number of layoffs in the editorial office in the current situation is considerably lower than that.

"The wage cut is [for an] indefinite [period of time], and at present it is impossible for us to say at what point our wages will rise again. At the same time, we are watching very closely today and in the future to keep our wage levels below market levels," Igor Rõtov said.

Äripäev says it will be able to at least partially offset the current pay cuts against future owner income, which it wants to contribute to those who helped it survive difficult times and put the company back into a growth position in future, Rõtov said.

Äripäev is owned by the Swedish Bonnier group and headquartered in Tallinn.

Download the ERR News app for Android and iOS now and never miss an update!