The move would bring unionised workers in line with non-union workers, who have already taken a pay cut but have received extra holidays in return.
The deal has yet to be agreed by union members. According to a report in the New York Times, it would last until the end of the year.
The moves are meant to prevent 80 jobs being cut at the New York Times, mostly at the newsroom.
There are no guarantees that there will not be more redundancies at the paper, which cut 100 jobs in March.
Earlier this month the newspaper reported it had made a loss of $74.5m (£51m) in the first quarter of 2009, compared with a $335,000 loss a year ago.
Advertising revenues were down by 27% over the quarter.
Elsewhere, Gannett named Dave Hunke president and publisher of its flagship newspaper USA Today. Hunke joins from the company's Detroit Free Press, where he was also publisher.
He succeeded Craig Moon and immediately named John Hillkirk, who has been acting editor of USA Today since Ken Paulson retired, as editor.
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